Pronunciation: [mˈɔːɡɪd͡ʒə] (IPA) 
The word "mortgager" is spelled with the letter 'g' instead of the more common 'c' in the word "mortgage". The reason for this is because the word "mortgage" is derived from the Old French word "mortgaige" where the 'g' is pronounced as a hard 'g'. The IPA phonetic transcription for "mortgager" is /ˈmɔrɡɪdʒər/, where the 'g' sound is represented by the letter 'g' and the stress is on the second syllable.
A mortgager is an individual or entity that grants a mortgage on a property to secure a loan or debt. They are the borrower or property owner who pledges a real estate asset as collateral to a lender, typically a bank or financial institution, in exchange for a loan. The mortgager retains ownership and possession of the property but conveys the legal title to the mortgagee, the lender, as security for the loan.
When a person decides to acquire a loan for purchasing a property, they become the mortgager by entering into an agreement with the mortgagee. The mortgager is responsible for making timely repayments of the loan amount, including interest, as outlined in the mortgage contract. Failure to make these repayments could result in foreclosure by the mortgagee, wherein the property may be sold to recover the outstanding debt.
The role of a mortgager is crucial in the real estate industry, as it allows individuals to obtain necessary funding for property purchases or development. They are essential participants in the mortgage process, providing the mortgagee with the right to claim the property as security in case of loan default. Engaging in a mortgage agreement necessitates careful consideration and understanding of the terms and obligations as a mortgager.
The person who grants lands or houses in security for debt.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
The word "mortgager" is formed from the combination of two terms: "mortgage" and the suffix "-er".
The term "mortgage" comes from the Old French word "mortgage" or "morgage", which itself derived from the Medieval Latin term "mortuum vadium". "Mortuum" means "dead" in Latin, while "vadium" translates to "pledge" or "security". The original concept behind this term was that the debt would be considered "dead" or canceled once it was repaid.
The suffix "-er" is a common suffix in English that is used to denote one who performs or engages in a particular action. It is often added to verbs to form nouns that describe someone associated with the action.
