mortgage

33 ENTRIES FOUND:

1mort·gage

noun \ˈmr-gij\

: a legal agreement in which a person borrows money to buy property (such as a house) and pays back the money over a period of years

Full Definition of MORTGAGE

1
:  a conveyance of or lien against property (as for securing a loan) that becomes void upon payment or performance according to stipulated terms
2
a :  the instrument evidencing the mortgage
b :  the state of the property so mortgaged
c :  the interest of the mortgagee in such property

Examples of MORTGAGE

  1. He will have to take out a mortgage in order to buy the house.
  2. They hope to pay off the mortgage on their home soon.

Origin of MORTGAGE

Middle English morgage, from Anglo-French mortgage, from mort dead (from Latin mortuus) + gage gage — more at murder
First Known Use: 15th century

Other Economics Terms

actuary, compound interest, globalization, indemnity, portfolio, rentier, stagflation, usurer

2mortgage

transitive verb

: to give someone a legal claim on (property that you own) in exchange for money that you will pay back over a period of years

mort·gagedmort·gag·ing

Full Definition of MORTGAGE

1
:  to grant or convey by a mortgage
2
:  to subject to a claim or obligation :  pledge

Examples of MORTGAGE

  1. She mortgaged her house in order to buy the restaurant.
  2. <I've mortgaged all my free time this week to the hospice and won't be able to come to the party.>

First Known Use of MORTGAGE

15th century

Related to MORTGAGE

Other Economics Terms

actuary, compound interest, globalization, indemnity, portfolio, rentier, stagflation, usurer

mortgage

noun    (Concise Encyclopedia)

In Anglo-American law, the method by which a debtor (mortgagor) conveys an interest in property to a creditor (mortgagee) as security for the payment of a money debt. The modern mortgage has its roots in medieval Europe. Originally, the mortgagor gave the mortgagee ownership of the land on the condition that the mortgagee would return it once the mortgagor's debt was paid off. Over time, it became the practice to let the mortgagor remain in possession of the land; it then became the mortgagor's right to remain in possession of the land so long as there was no default on the debt.

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