Show purpose of the mortgage A mortgage is a written document pledging a certain piece of property as security for repayment of a loan accompanying a mortgage is a bond which is a written instrument acknowledging the debt and promising payment at a specified time it also sets forth interest provisions the mortgage is security tor for the debt and the bond is evidence of it the mortgagor is the person who borrows the money and gives the mortgage the mortgagee lends the money and receives the pledge ot of the property as security because the mortgage is a form of contract the mortgagor and the mortgagee must have the legal capacity to make a contract valid and legal consideration must also be given mortgages must not call for a rate of interest in excess of the statutory rate in the state where it is is made or it win will not be valid |