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 This will put pressure on housing prices by making mortgage payments more expensive. David Rae, Forbes, "When Is The Los Angeles Housing Market Going To Crash?," 27 Apr. 2021 Law enforcement says Brooks then transferred the funds from Cars Direct accounts to his personal bank accounts, and spent that money on credit card bills, restaurants, retail stores, mortgage payments and automotive auctioneers. Taylor Deville, baltimoresun.com, "Pastor charged with fraud after using $1.5M in pandemic relief aid to buy 39 cars and Baltimore property, prosecutors say," 26 Apr. 2021 Homeowner’s association fees tend to be higher in buildings in dense neighborhoods, but the lower monthly mortgage payments can offset that. Sarah Freishtat, chicagotribune.com, "Downtown Chicago condos are selling again, as buyers eye the end of the pandemic and a return to the office," 16 Apr. 2021 The Times also spoke with landlords across the region, many of whom are struggling to keep up with mortgage payments as delinquent rent payments and unfilled vacancies increase. Jack Flemming, Los Angeles Times, "Real Estate newsletter: Iconic Hearst estate hits the clearance rack," 10 Apr. 2021 In fact, 28% of recent home buyers said making their monthly mortgage payments will be among their biggest money stressors for the next two years, according to the NerdWallet 2021 Home Buyer Report. Linda Bell, Star Tribune, "How to budget for a new home so you don't end up house poor," 10 Apr. 2021 At that time, nearly 27,000 Oregonians said their mortgage payments were being deferred. Jamie Goldberg, oregonlive, "Bill to reinstate foreclosure moratorium moves on to Oregon Senate after gaining approval in House," 6 Apr. 2021 That would include allowing servicers to offer streamlined ways to help homeowners adversely affected by COVID-19 to lower their mortgage payments. Kate Gibson, CBS News, "Feds propose banning foreclosures across U.S. until 2022," 6 Apr. 2021 The homeowner falls behind on monthly mortgage payments, and the lender repossesses the property. Steve Byrne, Forbes, "The Do's And Don'ts Of Investing In Distressed Properties," 5 Apr. 2021 Recent Examples on the Web: Verb Would New England be willing to mortgage assets this year and next year to get nearby? Oliver Thomas, Forbes, "New England Patriots NFL Draft Preview: March Moves Give Bill Belichick April Options," 21 Apr. 2021 Student loan debt is the second largest source of individual debt in the U.S., second only to mortgage debt. Sarah D. Wire, Los Angeles Times, "Can Biden really cancel student debt? Here’s where the debate stands," 13 Apr. 2021 But Bill is not going to mortgage the future and swap a raft of picks for Deshaun Watson. Dan Shaughnessy, BostonGlobe.com, "Patriots’ free-agency spending frenzy has heads — and theories — spinning," 16 Mar. 2021 People save for years and mortgage their plots to pay upward of $9,000 to human smugglers for the trip. Elizabeth Findell, WSJ, "A Raid, Deportation and Massacre Hit Two Communities Thousands of Miles Apart," 13 Mar. 2021 The willingness to mortgage the future to acquire Stafford is intriguing, and in some ways surprising. Mike Jones, USA TODAY, "Analysis: Rams fork over a lot to the Lions for Matt Stafford, but it's clear LA was disappointed with Jared Goff," 31 Jan. 2021 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

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

2 May 2021

Cite this Entry

“Mortgage.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/mortgage. Accessed 10 May. 2021.

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More Definitions for mortgage

mortgage

noun

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

mortgage

transitive verb
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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