mortgage

mort-gage · noun

imported

Definitions

noun

  1. 1.

    A legal agreement by which a bank or other creditor lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt.

  2. 2.

    To convey property to a creditor as security for a loan.

  3. 3.

    The amount of money borrowed in such an agreement.

Forms

plural: mortgages

Phrases & expressions

  • •
    pay off the mortgage — To fully repay a mortgage loan
  • •
    underwater mortgage — When a homeowner owes more than the home is worth
  • •
    second mortgage — An additional loan taken against a property that already has a mortgage

Related words

See also: debt, loan, property
Synonyms: lien, loan, security

Etymology

From Old French mort gage, literally meaning "dead pledge," from mort ("dead") + gage ("pledge"). The pledge is "dead" because it does not yield any profit to the creditor and is nullified when the debt is repaid or the property is seized.