Mortgagor

This is the one who owes the money for whatever property has been purchased. It is important that you declare the mortgage on your property. Some insurance companies give a discount for a home being mortgage-free. The reason is that if you fully own the property you will give it even higher levels of care and attention.

You will need to provide the full name and address so that proof of the insurance coverage is provided. The title will reflect the names of the mortgagors and the mortgagee.

A mortgagor will often purchase life insurance as protection on the property. Be careful in the type of life insurance you choose. Discuss your options with your accountant, financial adviser, agent or broker.