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A mortgage is the transfer of the interest in a specific immovable property by one person to another for securing an advance of money from him. The person who transfers the interest in the specific immovable property is called the mortgagor and the person to whom the interest is transferred is called the mortgagee.In the Usufructuary Mortgage, [see Section 58(d) of the Transfer of Property Act, 1882], the mortgagor transfers the possession of the mortgaged property to the mortgagee (= banker), on the condition that the banker is permitted to retain the property until the repayment of the mortgage money in full. He is also authorised to receive the rents or profits accruing from the mortgaged property. But the banker cannot sue the mortgagee for foreclosure or for the sale of the mortgaged property. In view of this, banker do not favour this type of mortgage, as it is loaded in favour of the mortgagor.English Mortgage [see Section 58(e) of the Transfer of Property Act, 1882]. English mortgage is one where the mortgagor absolutely transfers the mortgaged property to the mortgagee, subject to the condition that mortgagee will, on repayment of the mortgage money by the mortgagor, re-transfer it to the mortgagor as originally agreed. In this type of mortgage, the mortgagor binds himself personally liable to repay the mortgaged money. This mortgage is called an English mortgage. This type of mortgage is no longer in vogue or in practice. M J SUBRAMANYAM

Equitable MortgageEquitable mortgage means a mortgage which does not satisfy the all the requirements of legal mortgage as per the law in force but is nevertheless entered into as per agreement. It gives the necessary right to the mortgagee to file suit for non-payment.Equitable mortgage means mortgage by deposit of title deeds. Such mortgage had been customary in India for hundreds of years. English jurisprudence does not recognise this mortgage but English judges sitting in Indian courts recognised it under the principle of equity. Hence the name equitable mortgage. It appears in Transfer of Properties Act as mortgage by deposit of title deeds. It is now actually legal mortgage but such is the force of habit / custom etc. that it is still called equitable mortgage.It is as legal as any other mortgage described in TPA.In English mortgage the mortgagor sells the property to the mortgagee but mortgagee has the obligation to sell the property back to the mortgagor if the debt secured by the mortgagee is discharged as per its terms. In equitable mortgage ownership is not transferred but just a property interest is transferred to the mortgagor and hence the mortgagee cannot sell the property for realisation of unpaid dues without obtaining court's order.

Yes; if your income is not being used for the mortgage, then you can be on the deed without being on the mortgage. This can lead to problems for the mortgage company, however. In some states if the mortgagor passes away, then the bank can neither collect on a past due loan payment, nor can they force a sale of the property after foreclosure. They can only block the sale of the property until the lien is satisfied.