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package mortgage

American

[pak-ij mawr-gij] / ˈpæk ɪdʒ ˈmɔr gɪdʒ /

noun

a mortgage which covers a house or building, the lot, and large items of personal property such as furniture, kitchen appliances, etc.

Other Word Forms

Noun Inflected Forms

package mortgages

plural

Example Sentences

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package mortgage

In 1945, as housing boomed, Meredith turned National Life to the package mortgage, permitting cash-short house buyers to tack appliances onto the house purchase price.

From Time Magazine Archive

Definitions and idiom definitions from Dictionary.com Unabridged, based on the Random House Unabridged Dictionary, © Random House, Inc. 2023