Dictionary

1mortgage

noun mort·gage \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

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

transitive verb
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

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April 25, 2015
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