Source : Webster's Revised Unabridged Dictionary (1913)

Mortgagee \Mort`ga*gee"\, n. (Law)
   The person to whom property is mortgaged, or to whom a
   mortgage is made or given.

Source : WordNet®

mortgagee
     n : the person who accepts a mortgage; "the bank became our
         mortgagee when it accepted our mortgage on our new home"
         [syn: {mortgage holder}]