Explanation:

- Create a security:

- An equitable mortgage is mainly intended to create a security interest for the lender.

- The borrower deposits the title deeds to the property with the lender or bank.

- This signifies that the borrower is giving the lender an equitable interest in the property.

- This protects the lender by securing the loan amount against the property.

- Correct Answer: Option 1 - Create a security

- Take possession:

- This involves actually taking control of the property, which doesn't happen in an equitable mortgage.

- Take a consideration:

- Consideration involves what each party gives up to make the contract binding, but it's not specific to an equitable mortgage.

- Take an interest:

- This could be applicable, but it's not as direct as creating a security. An equitable mortgage is essentially about creating a security by taking an interest.