"Mortgage" means any consensual lien created by a written instrument which grants or retains an interest in real estate to secure a debt or other obligation. The term "mortgage" includes, without limitation:
15-1207.Mortgage.
Article XV. Mortgage Foreclosure · Part 12. Definitions · Not amended since adoption on record · Last verified July 20, 2026
In one sentenceThis section broadly defines “mortgage” as any consensual lien in a written instrument securing a debt or obligation, expressly including reverse mortgages, revolving credit mortgages, deeds meant as security, and equitable mortgages.
Full Text of 735 ILCS 5/15-1207
(a) mortgages securing "reverse mortgage" loans as authorized by subsection (a) of Section 5 of the Illinois Banking Act;
(b) mortgages securing "revolving credit" loans as authorized by subsection (c) of Section 5 of the Illinois Banking Act, Section 1-6b of the Illinois Savings and Loan Act and Section 46 of the Illinois Credit Union Act;
(c) every deed conveying real estate, although an absolute conveyance in its terms, which shall have been intended only as a security in the nature of a mortgage;
(d) equitable mortgages; and (e) instruments which would have been deemed instruments in the nature of a mortgage prior to the effective date of this amendatory Act of 1987.
Plain-English Summary
Section 15-1207 defines mortgage at a high level of generality: any consensual lien created by a written instrument that grants or retains an interest in real estate to secure a debt or other obligation. The section then lists categories the term includes without limitation.
Those categories cover mortgages securing reverse mortgage loans authorized under the Illinois Banking Act, mortgages securing revolving credit loans authorized under the Illinois Banking Act, the Illinois Savings and Loan Act, and the Illinois Credit Union Act, every deed that looks like an absolute conveyance but was intended only as security in the nature of a mortgage, equitable mortgages, and instruments that would have been treated as mortgages before the 1987 amendatory Act took effect.
By naming these categories, the section forecloses arguments that a particular financing arrangement escapes Article XV because it does not use the word “mortgage” or does not look like a traditional one. Whether an instrument is a reverse mortgage, a revolving credit mortgage, a disguised deed, or an older equitable mortgage, it falls within this definition.
Frequently Asked Questions
What basic elements make an instrument a mortgage under this Article?
A consensual lien created by a written instrument that grants or retains an interest in real estate to secure a debt or other obligation.
Does the definition include reverse mortgages?
Yes, mortgages securing reverse mortgage loans authorized under subsection (a) of Section 5 of the Illinois Banking Act are expressly included.
What about a deed that looks absolute but was meant as security?
The definition includes every deed conveying real estate that, although an absolute conveyance in its terms, was intended only as security in the nature of a mortgage.
Are revolving credit mortgages covered?
Yes, mortgages securing revolving credit loans authorized under the Illinois Banking Act, the Illinois Savings and Loan Act, and the Illinois Credit Union Act are named in the definition.
Does the timing of an instrument's creation affect whether it counts as a mortgage?
The definition also reaches instruments that would have been deemed instruments in the nature of a mortgage before the effective date of the 1987 amendatory Act, so older instruments are covered too.
Amendment History
(Source: P.A. 85-907.)
Source & verification. Section text and amendment history are
reproduced verbatim from the Illinois Compiled Statutes, published by the
Illinois Compiled Statutes, Illinois General Assembly / Legislative Reference Bureau. Last verified July 20, 2026.
· Official source
Also known as: illinois definition of mortgage foreclosure lawreverse mortgage definition illinois foreclosureequitable mortgage illinois foreclosure statute