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A mortgagor is a person who borrows money to buy a house or property. They promise to pay back the money by giving the lender a special kind of promise called a mortgage. If they don't pay back the money, the lender can take the house or property. So, the mortgagor is the one borrowing the money and making the promise to pay it back.
Let's say John wants to buy a house that costs $200,000. He doesn't have enough money to buy it outright, so he goes to a bank and asks to borrow the money. The bank agrees and lends him the money, but in return, John gives the bank a mortgage on the house. This means that if John fails to pay back the money, the bank can take the house. In this situation, John is the mortgagor.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
In the land of homes and trees,
A mortgagor's who you need to be.
If a house you want to own,
But the funds you haven't grown.
The bank will lend a helping hand,
To buy your home on this fine land.
But remember, dear, the promise made,
A mortgage given, a debt displayed.
You're the mortgagor, my friend,
Paying back that money till the end.
And if you don't, I'm sad to say,
The bank will take your house away!