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A mortgagee is the person or organization that lends money to someone who wants to buy a house or property. They receive a special promise called a mortgage from the person borrowing the money, which allows them to take the house or property if the borrower doesn't pay back the money. So, the mortgagee is the one giving out the money and holding the mortgage as a guarantee.
Let's say Sarah wants to buy a house that costs $250,000. She doesn't have enough money to buy it outright, so she goes to a bank and asks to borrow the money. The bank agrees and lends her the money, but in return, Sarah gives the bank a mortgage on the house. This means that if Sarah fails to pay back the money, the bank can take the house. In this situation, the bank is the mortgagee.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
In the land of homes and dreams,
A mortgagee's more than it seems.
When you need a little aid,
To buy a home in sun or shade.
The bank will come, a friend indeed,
The mortgagee with the funds you need.
They'll lend you cash, so big and bold,
But ask for something in return, we're told.
A mortgage given, a promise too,
That if you fail, they'll know what to do.
For they're the mortgagee, it's true,
They hold the power, the home from you!