Under which of the following mortgage types does the seller become the mortgagee?

In a purchase money mortgage, the seller provides financing to the buyer, allowing the buyer to purchase the property without obtaining a traditional mortgage from a bank or financial institution. This type of arrangement means that the seller essentially becomes the lender (or mortgagee) because they hold the mortgage on the property and are entitled to receive the principal and interest payments directly from the buyer. The seller retains a security interest in the property until the loan is fully paid off, which is a fundamental characteristic of purchase money mortgages.

In contrast, the other types of mortgages listed involve different arrangements and participants. For instance, a blanket mortgage is typically used to secure multiple properties under a single loan, while a wrap-around mortgage is a more complex seller financing arrangement where the seller's mortgage includes the existing loan and the new buyer's debt. A package mortgage involves financing for both real property and personal property as part of the same loan, which does not designate the seller as the mortgagee in the same way as a purchase money mortgage does.