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

It would use existing Green policies such as imposing rent controls, ending buy-to-let mortgages and giving councils the 'right to buy' a rental property when it is sold at a discounted price.

From BBC

How about paying down a mortgage and planning a fancy wedding?

From Salon

Like Dwight, many Caribbean people build homes "out of pocket", rather than opting for mortgages that can have high interest rates in this part of the world.

From BBC

Last month, the president said he fired Cook “for cause,” citing mortgage documents she signed in 2021 confirming that two different properties were her primary residence.

From Los Angeles Times

The National Flood Insurance Program will be closed, delaying some mortgages on properties that require policies from the government-run programme.

From BBC

Related Words

• contract 
• debt