verb (used with object), mort·gaged, mort·gag·ing.
- mortality rate,
- mortality table,
- mortgage bond,
- mortgage rate,
- mortgagee clause,
Origin of mortgage
Word Origin for mortgage
late 14c., morgage, "conveyance of property as security for a loan or agreement," from Old French morgage (13c.), mort gaige, literally "dead pledge" (replaced in modern Frech by hypothèque), from mort "dead" (see mortal (adj.)) + gage "pledge" (see wage (n.)). So called because the deal dies either when the debt is paid or when payment fails. Old French mort is from Vulgar Latin *mortus "dead," from Latin mortuus, past participle of mori "to die" (see mortal (adj.)). The -t- restored in English based on Latin.
late 15c., from mortgage (n.). Related: Mortgaged; mortgaging.
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.