a conveyance of an interest in property as security for the repayment of money borrowed.
the deed by which such a transaction is effected.
the rights conferred by it, or the state of the property conveyed.
verb (used with object),mort·gaged,mort·gag·ing.
Law. to convey or place (real property) under a mortgage.
to place under advance obligation; pledge: to mortgage one's life to the defense of democracy.
Origin of mortgage
1350–1400; earlier morgage,Middle English < Old Frenchmortgage, equivalent to mort dead (< Latinmortuus) + gage pledge, gage1
Related formso·ver·mort·gage, verb,o·ver·mort·gaged,o·ver·mort·gag·ing.re·mort·gage, verb (used with object),re·mort·gaged,re·mort·gag·ing.sub·mort·gage, nounun·mort·gage, verb (used with object),un·mort·gaged,un·mort·gag·ing.
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.