What are the essentials of a mortgage?
Following are the essentials of a Mortgage:

Transfer of Interest: To give effect to a mortgage it is necessary that there is the transfer of any immovable property to mortgagee until all the dues are recovered.
Specific Immovable Property: The property which is to be transferred must be specifically and distinctly mentioned in the mortgage deed. Where mortgagor mentions ‘all the [property’ in the deed is not a mortgage as the property is not identifiable.
Securing the Payment of Loan: Another essential of a mortgage is that the transfer of property must be to secure the repayment of a loan or an obligation. That is, the mortgagor and mortgagee share the relationship as that of debtor and creditor.
What are the rights of a mortgagee?
A mortgagee possesses one right against the property and another against the mortgagor personally.

If the money is not recovered from the mortgagor in the specified time the mortgagee has the right to recover from the proceed of the property, or
Mortgagee can sue the mortgagor for the recovery of the money.