<P> The equity of redemption refers to the right of a mortgagor in law to redeem his or her property once the debt secured by the mortgage has been discharged . </P> <P> Historically, a mortgagor (the borrower) and a mortgagee (the lender) executed a conveyance of legal title to the property in favour of the mortgagee as security for the loan . If the loan was repaid, then the mortgagee would return the property; if the loan was not repaid, then the mortgagee would keep the property in satisfaction of the debt . The equity of redemption was the right to petition the courts of equity to compel the mortgagee to transfer the property back to the mortgagor once the secured obligation had been performed . Today, most mortgages are granted by statutory charge rather than by a formal conveyance, although theoretically there is usually nothing to stop two parties from executing a mortgage in the more traditional manner . </P>

What is the meaning of equity of redemption
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