What is an equity of redemption?

At common law and under existing statutes,the mortgagor or an assignee of the mortgagor has what is called an equity of redemption in the mortgaged real estate.This means that he has the absolute right to discharge the mortgage when due and to have title to the mortgaged property restored free and clear of the mortgage debt.Under the statutes of all states,the mortgagor or any party having an interest in the mortgaged property that will be cut off by the foreclosure may redeem the property after default and before the mortgagee forecloses the mortgage.