Q: Define Mortgage.
Definition
a.A mortgage is a property interest when a lender retains either a lien interest or actual legal title to property as security for the repayment of a debt, usually secured to purchase the property in question.
i.12 states recognize the “title theory” where the mortgagee retains legal title, and the mortgagor only has the equity of redemption
ii.All other states recognize the mortgagee as retaining only lien interest in the property, and the mortgagor has legal title
iii.The mortgage interest is transferable, i.e. a mortgagee can sell his interest to others
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