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Definition: Mortgagee

A mortgagee is a party who lends money to the customer in need of the money for purchasing property. In case of real estate, the party who is lending money takes the property purchased as mortgage and hence secures his loan offered with the help of that mortgage.

For example: Bank of America gives a loan of $50000 to Mr. X for buying a new house which costs $65000, in this case the new house is the mortgage held by the Mortgagee that is the Bank of America.

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