Meaning of equity of redemption

eq'uity of redemp'tion

Pronunciation: [key]
  1. 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.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.