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For escrows of computer source code, see source code escrow. An escrow is: a contractual arrangement in which a third party receives and disburses money or documents for the primary transacting parties, with the disbursement dependent on conditions agreed to by the transacting parties, or.
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.