To understand a home equity mortgage, it is essential to know the forms of mortgages. In case of a simple mortgage, the mortgagor binds himself personally to pay the mortgage money. He does not give possession of property but agrees, expressly or impliedly, that if he fails to pay according to his contract, the mortgagee shall have the right to cause the mortgaged property to be sold and the proceeds of the sale applied to payment of the mortgage money to the extent necessary.

It is worth pointing out that the words