Mortgage means a legal agreement that transfers the conditional right of ownership on an asset or property by it’s owner (mortgagor) to a lender (the mortgagee) as security for a loan. The leader’s security interest is recorded in the register of title documents to make it public information and is made null when the loan is repaid in full. In actual sense, virtually any legal owned asset can be mortgaged. Although real property such as land and buildings are mostly used. Personal properties such as cars, jewelry, etc are still used. Anyone who has ever had a mortgage will seriously tell you that paying off mortgage is very difficult. Paying off a 20-year loan is quite rightly a difficult task in every way.