equity of redemption

noun

1. the right of a mortgagor to redeem the property by paying the debt, even after default in payment of the sum owed.
2. the interest of an owner of land subject to a mortgage.

equity of redemption

noun

1. property law the right that a mortgager has in equity to redeem his property on payment of the sum owing, even though the sum is overdue See also foreclose

Word History and Origins

Origin of equity of redemption¹

First recorded in 1705–15