Definition of mortgage Mortgage

/mɔˈɹgʌʤ/ - [morguj] - mort•gage

We found 13 definitions of mortgage from 7 different sources.

What does mortgage mean?

Noun Plural: mortgages
mortgage - a conditional conveyance of property as security for the repayment of a loan
		security interest any interest in a property that secures the payment of an obligation
		first mortgage a mortgage that has priority over all mortgages and liens except those imposed by law
		second mortgage a mortgage that is subordinate to a first mortgage
Verb mortgages, mortgaging, mortgaged
mortgage - put up as security or collateral
		owe be in debt; "She owes me $200"; "I still owe for the car"; "The thesis owes much to his adviser"
		bond bring together in a common cause or emotion; "The death of their child had drawn them together"

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mortgage (Noun)
A special form of secured loan where the purpose of the loan must be specified to the lender, to purchase assets that must be fixed not movable property such as a house or piece of farm land. The assets are registered as the legal property of the borrower but the lender can seize them and dispose of them if they are not satisfied with the manner in which the repayment of the loan is conducted by the borrower. Once the loan is fully repaid, the lender loses this right of seizure and the assets are then deemed to be unencumbered.
mortgage (Noun)
State of being pledged.
mortgage (Verb)
As in "to mortgage a property", to borrow against a property, to obtain a loan for another purpose by giving away the right of seizure to the lender over a fixed property such as a house or piece of land.

mortgage (n.)
A conveyance of property, upon condition, as security for the payment of a debt or the preformance of a duty, and to become void upon payment or performance according to the stipulated terms; also, the written instrument by which the conveyance is made.
mortgage (n.)
State of being pledged; as, lands given in mortgage.
mortgage (v. t.)
To grant or convey, as property, for the security of a debt, or other engagement, upon a condition that if the debt or engagement shall be discharged according to the contract, the conveyance shall be void, otherwise to become absolute, subject, however, to the right of redemption.
mortgage (v. t.)
Hence: To pledge, either literally or figuratively; to make subject to a claim or obligation.

mortgage
The pledge of a property to the lender as security for payment of a debt.

mortgage
From Fr. mort, death, and Eng. gag, to choke. A lawyer's invention for choking property to death.

A mortgage is a way to use one's real property, like land, a house, or a building, as a guarantee for a loan to get money. Many people do this to buy the home they use for mortgage: the loan provides them the money to buy the house and the loan is guaranteed by the house.

In a mortgage, there is a debtor and a creditor. The debtor is the owner of the property, while the creditor is the owner of the loan. When the mortgage transaction is made, the debtor gets the money with the loan, and promises to pay the loan. The creditor will receive money back with interest over time (usually in payments made each month by the debtor). If the debtor does not pay the loan, the creditor may take the mortgaged property in place of the loan. This is called foreclosure.

In the 2008 American economic failure, creditors lent money to debtors who could not pay back that money. This lowered housing prices and hurt the economy.