mortgage

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

Definition of mortgage

 (Entry 1 of 2)

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
2a : the instrument evidencing the mortgage
b : the state of the property so mortgaged
c : the interest of the mortgagee in such property

mortgage

verb
mortgaged; mortgaging

Definition of mortgage (Entry 2 of 2)

transitive verb

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

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Synonyms for mortgage

Synonyms: Verb

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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.
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Recent Examples on the Web: Noun IPOs – AmeriHome, a Thousand Oaks, Calif.-based residential mortgage company, revived plans for its IPO. Lucinda Shen, Fortune, "Why J.P. Morgan, Berkshire Hathaway, and Amazon’s plan to shake up healthcare fell apart," 5 Jan. 2021 Meanwhile, the industry faces growing financial stress as property owners struggle to pay their mortgage bills, wages and other expenses. Konrad Putzier, WSJ, "Hotel Owners Continue to Reel From the Pandemic," 2 Jan. 2021 People roughly ages 21 to 40 have accounted for a huge share of home purchase loans in places like New Castle, Pa., and Frankfort, Ind., according to data from Ellie Mae, a mortgage software company. New York Times, "What Giant Skeletons and Puppy Shortages Told Us About the 2020 Economy," 31 Dec. 2020 Because of the holidays, the Mortgage Bankers Association did not report mortgage application volume this week. Washington Post, "Mortgage rates move slightly higher but remain near record lows," 31 Dec. 2020 But come 2021, yearlong mortgage deferrals could end. Sarah Freishtat, chicagotribune.com, "Kane County agencies preparing for potential wave of evictions in 2021," 31 Dec. 2020 The concern therefore is that, like subprime-mortgage originators in America in the early 2000s, Ant does not have enough skin in the game. The Economist, "Free exchange Is China right to tame Ant?," 30 Dec. 2020 More than ever, our neighbors are looking for help to pay their rent, mortgage or utilities, with calls for this kind of assistance up 150% since last year. John Wilgers, Star Tribune, "Pandemic or not, Minnesotans need a lifeline," 29 Dec. 2020 The grant money can be applied to any operating expenses, including rent, mortgage, payroll, insurance, taxes, utilities, maintenance, administrative costs, advertising and more. Keith Spera, NOLA.com, "New Orleans music venues on coronavirus aid package: 'It means we can hopefully survive'," 29 Dec. 2020 Recent Examples on the Web: Verb Inability to mortgage or insure a home makes climate change very personal. Jim Williams, Star Tribune, "Bankers helping birds," 4 Sep. 2020 In Central America, families mortgage their homes and land at usurious rates to pay smuggling fees, which are so steep that only U.S. wages are high enough to cover them, according to University of Arizona researcher Richard Lee Johnson. National Geographic, "Migrant teens need school. Around the world, they face pressure not to go.," 2 July 2020 In order to have the loan forgiven, businesses must keep all employees on payroll for eight weeks, use 75% of the funds for employee pay, and allocate the rest of the funds to mortgage interest, rent and utilities. Claire Ballor, Dallas News, "Many of Dallas’ independent restaurants are in a 'strange limbo’ as federal small business rescue fund hits limit," 21 Apr. 2020 In November, the Boy Scouts of America mortgaged one of its marquee properties, the 140,000-acre Philmont Scout Ranch in New Mexico, to secure $446 million in credit from J.P. Morgan Chase, according to the Associated Press. John Wisely, Detroit Free Press, "Michigan Boy Scouts say national bankruptcy won't affect local troops," 19 Feb. 2020 Republicans would take to the cable networks to rail against the wastefulness of the Democrats, who were mortgaging their kids’ future to bail out solar energy companies and bee farms. Alex Shephard, The New Republic, "A Tale of Two Stimulus Packages," 30 Mar. 2020 Every shack, trailer, ranch house and split foyer mortgaged till the end of time. Nathan Hill, New York Times, "Giving Voice to the Victims of Growth," 11 Feb. 2020 Italy and other European countries have been especially vulnerable to Chinese mercantile pressure and have mortgaged their economic futures to Beijing, with disastrous results. Victor Davis Hanson, National Review, "America Still a Global Leader Even in a Time of Crisis," 2 Apr. 2020 Stewart Day, a property developer who purchased the Shakers in 2013, mortgaged the stadium and invested £4.2m from Mederco, one of his property firms. The Economist, "Football marks the boundary between England’s winners and losers," 29 Feb. 2020

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'mortgage.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

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First Known Use of mortgage

Noun

15th century, in the meaning defined at sense 1

Verb

15th century, in the meaning defined at sense 1

History and Etymology for mortgage

Noun and Verb

Middle English morgage, from Anglo-French mortgage, from mort dead (from Latin mortuus) + gage gage — more at murder

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Time Traveler for mortgage

Time Traveler

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

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Statistics for mortgage

Last Updated

14 Jan 2021

Cite this Entry

“Mortgage.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/mortgage. Accessed 20 Jan. 2021.

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More Definitions for mortgage

mortgage

noun
How to pronounce mortgage (audio)

English Language Learners Definition of mortgage

 (Entry 1 of 2)

: 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

mortgage

verb

English Language Learners Definition of mortgage (Entry 2 of 2)

: 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

mortgage

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

Kids Definition of mortgage

 (Entry 1 of 2)

1 : a transfer of rights to a piece of property (as a house) that is usually in return for a loan of money and that is canceled when the loan is paid
2 : the document recording such a transfer

mortgage

verb
mortgaged; mortgaging

Kids Definition of mortgage (Entry 2 of 2)

: to transfer rights to a piece of property in return for a loan of money with the understanding that the rights end when the loan is paid

mortgage

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

Legal Definition of mortgage

 (Entry 1 of 2)

1a : 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 mortgage— W. 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 property— J. 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
1 in the civil law of Louisiana : a mortgage that is created by a written contract
2 : 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
2a : 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
mortgaged; mortgaging

Legal Definition of mortgage (Entry 2 of 2)

1 : to grant or convey by a mortgage mortgaged the property to the bank
2 : to encumber with a mortgage

History and Etymology for mortgage

Noun

Anglo-French, from Old French, from mort dead (from Latin mortuus) + gage security

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Comments on mortgage

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