Mary purchases a property with the help of a fixed-rate loan. Why is Mary considered the mortgagor and the lender the mortgagee?

• Since Mary obtained a fixed-rate loan, she is considered the mortgagor. If she obtained any other type of loan, she would be considered the mortgagee.
• Since Mary recently obtained the loan, she is still considered the mortgagor. Once the loan is paid off, she will be considered the mortgagee.
• A mortgage is a legal document that gives the lender the right to foreclose on the property if Mary defaults on the loan. Mary gives this security to the lender, and in return, the lender gives Mary the loan. Since Mary is giving the mortgage to the lender she is considered the mortgagor.
• Mary is not considered the mortgagor. Since she received a loan from a lender, she is considered the mortgagee