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In other words, the mortgage is a security for the loan that the lender makes to the borrower.
Types of Mortgage
Simple Mortgage - A simple mortgage does not involve giving the possession of the mortgagor's property to the mortgagee. It is under mutual agreement that in case of non-payment by the mortgagee to the mortgagor within the specified time, the mortgagee can cause the mortgaged property to be sold in accordance with law and have the sale proceeds adjusted towards the payment of the mortgage money.
Mortgage by Conditional Sale - This type of mortgage entails the apparent sale of property by the mortgagor to the mortgagee on a conditional basis, that on default by mortgagor, the sale shall become absolute and complete. If the mortgagor repays his loan, the sale shall become null and void.
Usufructuary Mortgage - This type of mortgage, by an express or implied term gives possession to the lender and gives him rights to accrue the rents or income coming from that property as repayment for interest and mortgage money till the time repayment is complete. There is no time limit for payment of the mortgage money.
English Mortgage - The mortgagor transfers the mortgaged property to the mortgagee in entirety. However there is a condition that on complete repayment of the repayment money, he will re-transfer the property back to himself.
Reverse Mortgage - Reverse mortgage involves lending money to senior citizens against mortgage of their property (house) and there is no need of repaying the same. The loan is awarded as a lump sum amount or as monthly installments. In the event of death of the mortgagor, the property goes into the possession of the mortgagee.
Anomalous Mortgage - A mortgage that does not fall under the purview of any of the mortgage types is called an anomalous mortgage.
Conditions attached with mortgage
1. While mortgaging property, only legal rights are transferred to the mortgagee but not the possession.
2. An instrument of mortgage deed is mandatory.
3. On sale of a mortgaged property, the mortgage flows along with the property.
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