Mortgage, also known as mortgage loans, is as simple to understand as other loans. In this, the borrower needs to show fixed collateral to their lender for availing of the loan. For example, if you have some emergency requirements you can easily go for mortgaging your home. The person who agrees to buy your property as the mortgage is your lender. The lender pays a set of the amount that is finalized by both of you for the property. You now have to complete all the documental processes.
Mortgage repayments are done within the period that is decided prior and till then the lender has all the rights of your property.
You can use this mortgage amount in any type of emergency like medical urgency, education payments, wedding expenses, home renovation, or business expansion.