It is usual for the mortgagor to insure the property for the benefit of the mortgagee.
The mortgagor may, subject to the mortgage, lease, sell or devise it.
Does a mortgagor retain an interest which he may dispose of?
The borrower is called the mortgagor, the lender the mortgagee.
And the principal cause will be that the mortgagor has discovered that he has no equity in the property.
This right of the mortgagor to relief is termed his “equity of redemption.”
It is not necessary that the mortgagor have absolute, unencumbered title to the property to give a mortgage.
A mortgagor may mortgage his interest in the personal property by giving a second mortgage.
A mortgagor may sell his interest in the property, subject to the interest of the mortgagee.
A mortgagor has the right to pay the debt secured, and by this means to have the title to the property revest in him.