Final answer:
In an equitable mortgage, the borrower agrees to use their property as security for the loan, allowing the lender the right to sell it in case of default. This type of mortgage provides additional security for the lender.
Step-by-step explanation:
In an equitable mortgage, the essential elements include a predetermined agreement between the borrower and the lender that the property will serve as security for the loan. The borrower retains possession of the property, but the lender holds the right to sell it in case of default. This type of mortgage is commonly used when the lender wants additional security for the loan beyond the borrower's personal guarantee.