Question

Tom, the borrower, gave Joe, the lender, his mortgage as security for his loan. Under the terms of the mortgage, Tom is identified as the

Answer 1

Mortgagor

Step-by-step explanation:

A mortgagor is a person that borrows money from a lender usually called a mortgagee for a real estate purposes.

In a mortgage transaction, the borrower is the the mortgagor while the lender is the mortgagee.

In the case of the above question, Tom is a mortgagor because he is borrowing money from Joe who is a lender and even providing a security for the loan.

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