Definition: The term "mortgage" is used to refer to any debt that involves a creditor paying back money to an individual or entity in exchange for the right to use real property as collateral (i.e., security) against which the proceeds from the sale or rental of the land are collected. Mortgage loans can be secured by both existing and new properties, and they may involve either fixed-rate loans or variable-rate loans. The term "mortgagee" is used in relation to the mortgage lender, who receives payment as a part of the loan agreement. The borrower typically agrees to pay the lender back an amount of money over the life of the loan, which includes interest paid on both the principal and the accumulated interest owed by the borrower toward their debt. The definition of "mortgage" is broad enough to include any type of financial obligation that involves a creditor paying back another party, such as a mortgage from one person or entity to another. The term "mortgagee" refers specifically to someone who receives payment as a part of a loan agreement and may involve both fixed-rate loans (where the interest rate is set at an initial amount) and variable-rate loans. In summary, "mortgage" is a financial obligation that involves a creditor paying back money to another party in exchange for a security interest in real property. The term "mortgagee" refers specifically to someone who receives payment as part of a loan agreement.
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