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Escrow generally refers to money held by a third-party on behalf of transacting parties. It is best known in the United States in the context of real estate (specifically in mortgages where the mortgage company establishes an escrow account to pay property tax and insurance during the term of the mortgage).
Mortgage Escrow Account: What You Need To Know. Generally, mortgage escrow accounts are used to collect and pay property taxes and insurance payments on a home.Lenders want to make sure that your property is insured and that the taxes are paid on time, reducing the risk to the bank that you will default on the loan or incur liens on the property.ortgage Escrow Account: What You Need To Know. Generally, mortgage escrow accounts are used to collect and pay property taxes and insurance payments on a home.