- noun a legal agreement where someone lends money to another person so that he or she can buy a property, the property being the security
- noun money lent on the security of a house or other property owned by the borrower, usually in order to enable the borrower to buy the property
- verb to use a property as security for a loan
- verb to give a legal right to property to a person or organisation in exchange for a loan
- noun an agreement where someone lends money to another person so that he or she can buy a property, the property being used as the security
- noun money lent in this way
Origin & History of “mortgage”
Mortgage means literally ‘dead pledge’. It comes from Old French mortgage, a compound formed from mort ‘dead’ and gage ‘pledge’ (source of English gage and closely related to English wage). The notion behind the word is supposedly that if the mortgagor fails to repay the loan, the property pledged as security is lost, or becomes ‘dead’, to him or her.