A mortgage is a loan used to purchase a home, plot of land or other real estate where the property itself serves as collateral for the loan.

Simply put, yes. When you have a mortgage, you technically own the home, but the lender holds a lien against the property. Here's a more detailed explanation:

1. Legal Ownership: As the borrower, you hold the title to the home, meaning you are the legal owner of the property. Your name is on the deed, and you have the rights and responsibilities that come with homeownership.

2. Lender's Lien: The lender has a lien on the property, which means they have a legal right to take possession of the home if you fail to repay the loan. This lien is recorded in public records and ensures the lender's interest is protected.

3. Equity: Over time, as you make mortgage payments, you build equity in the home. Equity is the difference between the market value of your home and the remaining balance on your mortgage. The more you pay down your mortgage, the more equity you gain.

   Once you have paid off your mortgage in full, the lender will release the lien, and you will have full, unencumbered ownership of the property. At this point, you own the home outright.

The lifespan of a mortgage, also known as the mortgage term, is the length of time you have to repay the loan. Common mortgage terms include fixed-rate mortgages, adjustable-rate mortgages (ARMs), FHA loans, VA loans, USDA loans, and jumbo loans.