Mortgage

• According to Dictionary.com, a mortgage is "an agreement under which a person borrows money to buy property, especially a house, and the lender may take possession of the property if the borrower fails to repay the money."
  
  

Title

• The title of a property gives the owner the right to possess and use a particular piece of property and the buildings on it for an indefinite period of time. This type of title is also known as a freehold title. If a person defaults on his mortgage, the title for the property will transfer to the mortgage lender.
  
  

Title Without Mortgage

• Under a leasehold title, a person has the right to inhabit and use a property and its buildings, but only for the length of time specified in a lease agreement.