mortgage

[mawr-gij]

noun

1. a conveyance of an interest in real property as security for the repayment of money borrowed to buy the property; a lien or claim on property such that the lender can take possession if the loan is not repaid.

2. the deed by which such a transaction is effected.

3. the rights conferred by such a transaction, or the state of the property conveyed: I own a house under mortgage.

   The bank holds a mortgage on his farm.

   I own a house under mortgage.

4. the total loan obtained or the periodic installment to be paid under such a transaction.

   They took out a $500,000 mortgage.

5. the obligation to repay such a loan; the debt incurred.

6. an advance obligation or pledge, usually involving some risk.

   Without good maternity care, some babies will be born with a long-term mortgage on their future health.

verb (used with object)

mortgaged, mortgaging 

1. to convey or place (real property) under a mortgage.

2. to place under advance obligation; to pledge, usually taking on some risk.

   to mortgage one's life to the defense of democracy.

mortgage

/ ˈmɔːɡɪdʒ /

noun

1. an agreement under which a person borrows money to buy property, esp a house, and the lender may take possession of the property if the borrower fails to repay the money

2. the deed effecting such an agreement

3. the loan obtained under such an agreement

   a mortgage of £48 000

4. a regular payment of money borrowed under such an agreement

   a mortgage of £247 per month

verb

1. to pledge (a house or other property) as security for the repayment of a loan

adjective

1. of or relating to a mortgage

   a mortgage payment

mortgage

1. A legal agreement that creates an interest in real estate between a borrower and a lender. Commonly used to purchase homes, mortgages specify the terms by which the purchaser borrows from the lender (usually a bank or a savings and loan association), using his or her title to the house as security for the unpaid balance of the loan.

Other Word Forms

• overmortgage verb
• remortgage verb (used with object)
• submortgage noun
• unmortgage verb (used with object)
• mortgageable adjective

Word History and Origins

Origin of mortgage¹

First recorded in 1350–1400; earlier morgage, Middle English, from Old French mortgage, equivalent to mort “dead” (from Latin mortuus ) + gage “pledge”; gage ¹

Word History and Origins

Origin of mortgage¹

C14: from Old French, literally: dead pledge, from mort dead + gage security, _gage ¹

Example Sentences

Slave owners mortgaged their human property so they could buy or improve land and to carry out other investments, sometimes even basing loans on the estimated worth of children as yet unborn to enslaved women.

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Some of the demand for rentals comes from wealthy people finding it is too expensive to buy, because of the combination of high home prices and mortgage rates above 6%.

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That may not be music to the ears of the White House, which has been vocal about wanting to see lower mortgage rates to help boost the stalled housing market.

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To the victor will go the power to determine who gets mortgages, car loans and credit cards in the U.S. and how much they will pay for them.

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It could also mean lower rent payments for each tenant but potentially more rent overall for landlords covering higher mortgage repayments seen in recent years.

Read more on BBC

Related Words

• contract 
• debt