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1

mortgage

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noun mort·gage \ˈmȯr-gij\

Simple Definition of mortgage

  • : 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. 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. 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


2

mortgage

verb mort·gage

Simple Definition of mortgage

  • : 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

Full Definition of mortgage

mort·gagedmort·gag·ing

  1. transitive verb
  2. 1 :  to grant or convey by a mortgage

  3. 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.>



15th Century

First Known Use of mortgage

15th century




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