mortgage

1 of 2

noun

mort·gage ˈmȯr-gij

: 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

: the instrument evidencing the mortgage

: the state of the property so mortgaged

: the interest of the mortgagee in such property

mortgage

2 of 2

verb

mortgaged; mortgaging

transitive verb

: to grant or convey by a mortgage

: to subject to a claim or obligation : pledge

Example Sentences

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

The median estimated monthly mortgage payment for homebuyers is more than $11,000, compared with the median monthly rent of about $4,200. —

Aimee Picchi, CBS News, 24 May 2023 Why the home improvement craze faded in the U.S. The dip in home renovations has been the result of the appreciation of home prices and refinancing mortgages, in addition to economic uncertainty, according to a January report by the Joint Center for Housing Studies of Harvard University. —

Niharika Sharma, Quartz, 17 May 2023 In 2023, renters saved an average of $872 a month compared with those making mortgage payments in the 50 largest metros, according to the report. —

USA TODAY, 15 May 2023 Casanova’s house was paid off, giving Evans room to go low with his offer because there wasn’t a mortgage to settle. —

Anjeanette Damon, ProPublica, 11 May 2023 The first quarter of every year is typically a slow time in the housing and mortgage markets. —

Jc Reindl, Detroit Free Press, 10 May 2023 As the Fed aggressively hiked interest rates over the past year, the value of long-term Treasury and mortgage bonds dropped, punching a hole in the balance sheets at some banks. —

Max Zahn, ABC News, 10 May 2023 Many people have numerous ties — savings and checking accounts, perhaps credit cards and a car loan or mortgage, maybe even mutual funds or other investments — at their banks. —

The Arizona Republic, 5 May 2023 That would add $40.95 per month to a mortgage payment. —

Greg Garrison | , al, 5 May 2023

Verb

Joe Wilson and Donald McDonald, two men tired of waiting for government action, mortgaged a pair of city lots in Seattle to fund the work of freeing the river. —

Adam M. Sowards, Smithsonian Magazine, 25 May 2023 The shortage comes at a time when the U.S. finds itself in a housing crunch, with many homeowners opting not to put property on the market for fear of having to mortgage another house at a higher interest rate. —

Khristopher J. Brooks, CBS News, 25 May 2023 The couple mortgaged the house on a construction loan and paid the contractor a large amount, separately. —

Alena Botros, Fortune, 20 Mar. 2023 According to this documentation, Eldrid Simkins mortgaged him to Harvey Drake. —

Shantay Robinson, Smithsonian Magazine, 2 Mar. 2023 Paterson, a world-champion triathlete, used her race winnings to keep the project afloat over the years and mortgaged her house at one point to hold onto the rights. —

Mark Olsenstaff Writer, Los Angeles Times, 21 Feb. 2023 Rams mortgage a couple futures to get here. —

Paul Daugherty, The Enquirer, 1 Feb. 2022 That's why the Pacers didn't mortgage any part of their future in hopes to achieve that goal, acquiring forward Jordan Nwora and George Hill at the deadline while giving up very little in a four-team trade in return. —

Dustin Dopirak, The Indianapolis Star, 23 Feb. 2023 Student loan debt is now the second-highest consumer debt category — second only to mortgage debt and higher than debt for both credit cards and auto loans. —

Zack Friedman, Forbes, 16 May 2022 See More

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

See more words from the same century

Cite this Entry

Style

“Mortgage.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/mortgage. Accessed 3 Jun. 2023.

Copy Citation

Kids Definition

mortgage

1 of 2 noun

mort·gage ˈmȯr-gij

: 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

: the document recording such a transfer

mortgage

2 of 2 verb

mortgaged; mortgaging

: to transfer rights to a piece of property by a mortgage

: to place under an obligation : pledge in advance

Legal Definition

mortgage

1 of 2 noun

mort·gage ˈmȯr-gij

: 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.

: 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

: 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