Definition: " mortgagor " 1. A person who borrows money from another person, such as a bank to buy a home. 2. A person who gives something in return for another person's permission or consideration, typically as a gift or loan. 3. The process of having the funds to pay off a mortgage (a debt that involves borrowing against your property) and get rid of the mortgage(s). 4. Someone who is financially responsible for paying back a mortgage loan, such as a spouse or family member. 5. A person who buys or receives a mortgage from another party in exchange for something else. 6. A term used to describe a situation where you are making a financial decision that could have serious consequences or risks. 7. The act of having the funds to pay off a loan, such as a home equity line of credit (HELOC). 8. A person who is responsible for paying back a mortgage payment, such as a spouse or family member.
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