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

But I’m also cautious about repeating the mistake of Ben Bernanke, who as Federal Reserve chairman in 2007 told the world the financial system was insulated from subprime mortgage failures.

From The Wall Street Journal • May 10, 2026

Mortgage lender, Gary Tumelty, said people were "starting to get nervous" and rushing to secure mortgage deals now, due to the prospect of the Bank of England base rate being increased later in the year.

From BBC • May 8, 2026

In the face of whipsawing mortgage rates, spring home buyers want something certain.

From MarketWatch • May 7, 2026

“Latinos and African Americans are also more likely to have fallen behind on rent/or mortgage, fallen behind on utility bills, missed work or school, relied on food assistance, and experienced homelessness.”

From Los Angeles Times • May 7, 2026

To Michael Burry, the subprime mortgage market looked increasingly like a fraud perpetrated by a handful of subprime bond trading desks.

From "The Big Short" by Michael Lewis

Related Words

• contract
• debt