Definitions

1. noun

A person who borrows money from a lender to buy a property and agrees to repay the loan, usually with interest, over a set period of time.

“The mortgagor was struggling to make payments on the house after losing their job.”

2. noun

The party responsible for paying the mortgage on a property.

“The bank will take possession of the property from the mortgagor if they fail to make payments.”