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It does sound like mortgagee would be the word for it, but the mortgagee is actually the lender, while the mortgager is the borrower. This is because a "mortgage" is a "claim", so the person MAKING the claim is the mortgager/-or, while the person to whom the claim is made (the bank, lender) is the mortgagee.

Mortgager definition :
The borrower of a loan secured by property.
http://www.advfn.com/money-words_term_3141_mortgager.html

Mortgagee definition :
The lender of a loan secured by property.
http://www.advfn.com/money-words_term_3132_mortgagee.html

And:


When talking about mortgages there are two entities: the mortgagor and the mortgagee. Most people easily confuse the terms. The mortgagee is the bank or lender. The mortgagor is the person (or the persons) that borrows the money.
http://www.everything.com/mortgage-vs-mortgagee/#axzz0pgaN0A...




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Note added at 1 hr (2010-06-02 09:24:29 GMT)
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If you're worried the reader may get confused (as my 2nd reference hints that most people do) you can just say "borrower", which is really the more commonly used word in the context of mortgages.

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Note added at 1 hr (2010-06-02 09:29:19 GMT)
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More on this apparently widespread confusion, and why you should really go for "borrower" to avoid it:

"Buyers, sellers, real estate brokers, even bankers get confused, sometimes, by the difference between "mortgagor" and "mortgagee".

The confusion arises because they're mixed up about who actually does the mortgaging. Most homebuyers say they'll go to a lender "to get a mortgage" and real estate brokers do the same: "We'll find a bank to give you a mortgage".

That's all wrong, though. You're the one who will give a mortgage to the bank.

A mortgage is a financial claim against your property. You sign a document giving that claim (a lien) to the lender, and in return they give you -- money.


It's you who mortgages the property. The lender takes the mortgage and holds it (until the debt is paid off.)

So you don't look for a bank to give you a mortgage. You do the giving. You're looking for a bank that will take your mortgage.

The person who performs the action is the "or" or "er" actor. Think of "employer" or "donor". That makes the you, the borrower, the "mortgagor". You're doing the mortgaging.

The bank, or other lender, takes your mortgage. And the recepient is always the "ee" figure. That makes the bank the "mortgagee".

http://realtytimes.com/rtpages/19990114_mtgevsmtgor.htm