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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).
Purpose of Mortgage Escrow Account. A mortgage escrow is not the same as a real estate transaction escrow used by the buyer and the seller in the process of a home purchase. A mortgage escrow concerns the homeowner and the mortgage lender.or the homeowner, an escrow account provides a way to better budget property tax and insurance payments. Instead of having to come up with a lump sum when the bills are received, making smaller, monthly deposits into an escrow account reduces the possibility of funds shortage.