The conversation between human and AI assistant.
What is the difference between a registered mortgage and an equitable mortgage?
Can you explain the protection aspect of a registered mortgage?
Sure. With a registered mortgage, the borrower has certain legal protections. For example, the amount that the lender can claim for in the event of a default is limited to the amount owing on the mortgage. Also, the borrower has the right to redeem the mortgage, which means that they can pay off the debt and reclaim ownership of the property. These protections may not be available with an equitable mortgage.