3 Answers

Every month my wife tells me, "Honey, I have to pay the mortgage!"  I told her that it's not true.  Why?  Because the bank gives you a loan, you sign a piece of document called "Mortgage".  You get the money, the bank gets the mortgage documents.  This makes you a "Mortgagor" or giver of the mortgage.  The bank is the receiver of the mortgage papers, hence, he's the "Mortgagee". 

Therefore, a mortgage is a piece of paper that you promise to pay the loan, among other things, and using the house as collateral for said loan. 

My wife is required to pay the loan under the conditions set forth in the mortgage documents that we both signed earlier.

The best thing is to pay off your mortgage if you can.  If you are a senior, you may consider reverse mortgage. 

One big headache