mortgage

American  

[mawr-gij] / ˈmɔr gɪdʒ /

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.

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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 British  

/ 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

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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 Cultural  

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.

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Other Word Forms

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

Etymology

Origin of mortgage

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

Explanation

A mortgage is a loan in which the lender may use your property as payment if you don't pay back the loan. Offer your friend a mortgage for the $20 he wants...with his bike as security. Most people obtain a mortgage when they buy a house. The bank extends the loan because of the guarantee that the house will be the bank’s to sell if the debt isn’t repaid. When you make this deal, you have mortgaged your house — the word mortgage can be used as a noun or a verb.

Example Sentences

Left unsaid was the fact that Steyer’s firm had extensive financial ties to San Diego’s Accredited Home Lenders, one of the biggest subprime mortgage lenders in the country.

From Los Angeles Times • May 6, 2026

In your case, it can be used to cover the mortgage on your home and ensure that you can provide an inheritance to your brother, or even a lump sum for a favorite charity.

From MarketWatch • May 6, 2026

The typical monthly mortgage payment on an existing single-family home, assuming a 20% down payment, was $1,979 in the first quarter, according to data released Tuesday by the National Association of Realtors.

From Barron's • May 5, 2026

The provision is connected to Market Financial Solutions, a British mortgage lender that collapsed this year, according to people familiar with the matter.

From The Wall Street Journal • May 5, 2026

It was a measure of how much money people were making in the subprime mortgage market that David Burt made the list.

From "The Big Short" by Michael Lewis

Related Words

• contract
• debt