 The lender's rights over the secured property take priority over the borrower's other creditors, which means that if the borrower becomes bankrupt or insolvent, the other creditors will only be repaid the debts owed to them from a sale of the secured property if the mortgage lender is repaid in full first.In many jurisdictions, it is normal for home purchases to be funded by a mortgage loan.Few individuals have enough savings or liquid funds to enable them to purchase property outright.