What type of estate allows a mortgagor to have a long-term lease on a property without owning it?

A leasehold estate provides a mortgagor with the ability to occupy and use a property for a specified period under the terms of a lease, without conveying ownership of the property. This type of arrangement allows individuals to have long-term rights to a property while the underlying ownership remains with the landlord or property owner. The lease can extend for a duration defined by the lease agreement, providing security and the ability to utilize the property in a manner similar to ownership, albeit without the rights that come with full ownership such as the ability to sell or modify the property without the owner’s consent.

In contrast, a fee simple estate represents full ownership of the property, a life estate grants usage rights for the duration of someone's lifetime and then passes to another party, while joint tenancy involves shared ownership with rights of survivorship, which differs fundamentally from leasing arrangements.