mortgage

1 of 2

noun

mort·​gage ˈmȯr-gij How to pronounce mortgage (audio)
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

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
Veterans Administration energy-efficient mortgages: This program provides financing options for veterans to make energy-efficient improvements to their homes. Laura Daniella Sepulveda, The Arizona Republic, 8 July 2024 And as prices climb, the public’s mortgage, auto, and credit card debt and delinquencies, which temporarily declined due to large pandemic stimulus payments, are once again climbing. Brian Riedl, Washington Examiner - Political News and Conservative Analysis About Congress, the President, and the Federal Government, 5 July 2024
Verb
The film, an $100 million passion project that Costner mortgaged his land to make, earned $5.5 million over the weekend, bringing its domestic total to a disastrous $22.2 million. Brent Lang, Variety, 7 July 2024 And the sense that the Lakers’ future has been mortgaged to please one player is real. Bill Plaschke, Los Angeles Times, 3 July 2024 See all Example Sentences for mortgage 

These examples are programmatically compiled from various online sources to illustrate current usage of the word 'mortgage.' Any opinions expressed in the examples do not represent those of Merriam-Webster or its editors. Send us feedback about these examples.

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

Time Traveler
The first known use of mortgage was in the 15th century

Dictionary Entries Near mortgage

Cite this Entry

“Mortgage.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/mortgage. Accessed 13 Jul. 2024.

Kids Definition

mortgage

1 of 2 noun
mort·​gage ˈmȯr-gij How to pronounce mortgage (audio)
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 How to pronounce mortgage (audio)
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 mortgageW. 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 propertyJ. 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

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