mortgagor

Until the mortgagor fails to execute his part of the agreement, he retains possession of the property.

On the other hand a somewhat different rule applies between mortgagor and mortgagee.

If there is a surplus after satisfying the mortgage debt it must be paid to the mortgagor, or, if he is dead, to his heir.

If they are destroyed by fire, the mortgagor cannot claim to have the insurance applied in liquidation of the mortgage debt.

If the sums collected from the two sources exceed the amount advanced to the mortgagor that is only the mortgagee's affair.