Which term refers to the individual or entity that holds a mortgage on a property?

The correct term for the individual or entity that holds a mortgage on a property is "lienholder." This is specifically the party that has a legal claim or lien against the property due to the mortgage agreement. When a property is financed through a mortgage, the lienholder has the right to take possession of the property if the borrower fails to repay the loan, thereby protecting their financial interest.

To provide clarity on the context of the other choices: "Borrower" refers to the individual or entity that takes out the mortgage to purchase the property, while "mortgagor" is a term typically used interchangeably with borrower but specifically indicates the party that grants the mortgage. "Trustee" generally pertains to a third party that holds the title to the property in trust for the benefit of the lienholder until the borrower pays off the mortgage, but does not hold the mortgage itself. Understanding these distinctions clarifies why "lienholder" is the most accurate term for the entity that holds a mortgage.