From Property Talk Community Wiki

Mortgage

A form of security for a loan usually taken over real estate. The lender, the mortgagee, has the right to take the real estate if the mortgagor fails to repay the loan. So a mortgage is the lien the owner of the property gives to the bank to secure a particular loan or loans. This allows the lender to recoup any loan amounts not repaid by the borrower by selling the mortgaged property.