mortgage

1 of 2

noun

mort·​gage ˈmȯr-gij 

1

: a conveyance (see conveyance sense 2a) of or lien against property (as for securing a loan) that becomes void upon payment or performance according to stipulated terms

took out a mortgage in order to buy the house

2

a

: the instrument evidencing the mortgage

b

: the state of the property so mortgaged

c

: the interest of the mortgagee in such property

mortgage

2 of 2

verb

mortgaged; mortgaging

transitive verb

1

: to grant or convey by a mortgage

2

: to subject to a claim or obligation : pledge

Synonyms

Verb

• commit
• engage
• pledge
• troth

Examples of mortgage in a Sentence

Noun

He will have to take out a mortgage in order to buy the house.

They hope to pay off the mortgage on their home soon.

Verb

She mortgaged her house in order to buy the restaurant.

I've mortgaged all my free time this week to the hospice and won't be able to come to the party.

Recent Examples on the Web

Noun

Go deeper: Why mortgage rates are climbing Subscribe for more Axios Atlanta in your inbox. —Sami Sparber, Axios, 26 Dec. 2024

Rate watch And mortgage rates, — which are approaching 7% again — may stay elevated for some time after briefly falling to a two-year low in September. —Bloomberg, Orange County Register, 26 Dec. 2024

Verb

Plus, the Knicks’ draft cupboard is bare The Knicks mortgaged five first-round picks for Bridges, leaving their next potential first-rounder—a conditional pick from Washington—in doubt. —Kristian Winfield, New York Daily News, 13 Dec. 2024

Speaking to parents of other childhood cancer patients, the senator heard poignant stories of families with no health care coverage, mortgaging their homes and going into debt because of the hand fate had dealt them. —Josh Hammer, Newsweek, 3 Dec. 2024

Word History

Etymology

Noun and Verb

Middle English morgage, from Anglo-French mortgage, from mort dead (from Latin mortuus) + gage gage — more at murder

First Known Use

Noun

15th century, in the meaning defined at sense 1

Verb

15th century, in the meaning defined at sense 1

Phrases Containing mortgage

• adjustable rate mortgage
• first mortgage
• mortgage the/one's future
• reverse mortgage
• second mortgage
• variable rate mortgage

Kids Definition

mortgage

1 of 2 noun

mort·​gage ˈmȯr-gij 

1

: a transfer of rights to a piece of property (as a house) usually in return for a loan and that is canceled when the loan is paid

2

: the document recording such a transfer

mortgage

2 of 2 verb

mortgaged; mortgaging

1

: to transfer rights to a piece of property by a mortgage

2

: to place under an obligation : pledge in advance

Legal Definition

mortgage

1 of 2 noun

mort·​gage ˈmȯr-gij 

1

a

: a conveyance of title to property that is given to secure an obligation (as a debt) and that is defeated upon payment or performance according to stipulated terms

shows that a deed was intended only as a mortgage

—W. M. McGovern, Jr. et al.

b

: a lien against property that is granted to secure an obligation (as a debt) and that is extinguished upon payment or performance according to stipulated terms

creditors with valid mortgages against the debtor's property

—J. H. Williamson

c

: a loan secured by a mortgage

— adjustable rate mortgage

: a mortgage having an interest rate which is usually initially lower than that of a mortgage with a fixed rate but which is adjusted periodically according to an index (as the cost of funds to the lender)

— balloon mortgage

: a mortgage having the interest paid periodically and the principal paid in one lump sum at the end of the term of the loan

— blanket mortgage

: a mortgage of or against all of the property of the mortgagor

— chattel mortgage

: a mortgage of or against personal or movable property (as an airplane) compare pledge security interest sense 2 at interest sense 1

— collateral mortgage

in the civil law of Louisiana : a mortgage against movable or immovable property that is given to secure a written obligation (as a note) which is pledged as collateral security for a principal obligation see also collateral note at note

— construction mortgage

: a mortgage that secures a loan which finances construction

— conventional mortgage

in the civil law of Louisiana : a mortgage that is created by a written contract

: a mortgage that is not guaranteed by a government agency

— equitable mortgage

: a constructive or implied mortgage : a transaction (as a conveyance) that does not have the form of a mortgage but is given the effect of a mortgage by a court of equity because the parties intended it to be a mortgage

— first mortgage

: a mortgage that has priority over all other security interests except those imposed by law

— fixed rate mortgage

: a mortgage having an interest rate that stays the same

— general mortgage

in the civil law of Louisiana : a blanket mortgage that burdens all present and future property

— home equity conversion mortgage

: reverse mortgage in this entry

— judicial mortgage

in the civil law of Louisiana : a mortgage lien that secures a judgment debt and is created by filing a judgment with the recorder of mortgages

— junior mortgage

: second mortgage in this entry

— leasehold mortgage

: a mortgage under which a leasehold interest in property secures a loan or obligation

— legal mortgage

in the civil law of Louisiana : a mortgage that secures an obligation which is created by a law and which does not have to be stipulated to by the parties

— open-end mortgage

: a mortgage that secures a loan agreement which allows the mortgagor to borrow additional sums usually up to a specified limit

— purchase money mortgage

: a mortgage that is given (as to a lender) to secure a loan for all or some of the purchase price of property

also : a mortgage given to a seller of property to secure the unpaid balance of the purchase price

— reverse mortgage

: a mortgage that allows elderly homeowners to convert existing equity into available funds provided through a line of credit, a cash advance (as for the purchase of an annuity), or periodic disbursements to be repaid with interest when the home is sold or ceases to be the primary residence, when the borrower dies or some other specified event occurs, or at a fixed maturity date

— second mortgage

: a mortgage lien that is subordinate in priority to a first mortgage

called also junior mortgage

— senior mortgage

: first mortgage in this entry

— special mortgage

: a mortgage on specified property

— wrap-around mortgage \ ˈrap-​ə-​ˌrau̇nd-​ \

: a second or later mortgage that incorporates the debt of a previous mortgage with additional debt for another loan

2

a

: an instrument embodying and containing the provisions of a mortgage

executing and recording mortgages

b

: the interest of a mortgagee in mortgaged property

the bank holds the mortgage

mortgage

2 of 2 transitive verb

mortgaged; mortgaging

1

: to grant or convey by a mortgage

mortgaged the property to the bank

2

: to encumber with a mortgage

Etymology

Noun

Anglo-French, from Old French, from mort dead (from Latin mortuus) + gage security