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.
Origin
1705-15
Examples from the web for equity of redemption
Appellant contends that the trial court should have treated the contract as a mortgage giving him an equity of redemption.
Upon motion of the owner of the equity of redemption, the court shall appoint a second appraiser in its decree.
They claim the entire surplus as owners of the equity of redemption.
Additionally, he argues that the equity of redemption in the property provides another source of value for the estate.
But notwithstanding the foregoing provision all releases of the equity of redemption shall be binding and effectual in law.
British Dictionary definitions for equity of redemption
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