mortgage

1 of 2

noun

mort·​gage ˈmȯr-gij 

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

Synonyms

Verb

• commit
• engage
• pledge
• troth

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

February’s buying boost can be linked to the bottoming of mortgage rates in late 2023. —Jonathan Lansner, San Diego Union-Tribune, 14 Apr. 2024

His remarks come as earlier hopes that lower mortgage rates would improve affordability have been tempered. —Jason Ma, Fortune, 13 Apr. 2024

In the past three years, mortgage rates have more than doubled and are now at nearly 7 percent on a typical 30-year loan. —Allison Mann, Washington Post, 12 Apr. 2024

That drove mortgage rates to unaffordable highs and made financing new home building difficult. —Talmon Joseph Smith, New York Times, 11 Apr. 2024

Many also offered buyers incentives like mortgage rate buydowns and below market-rate financing. —Alex Veiga, Quartz, 11 Apr. 2024

And construction hiring has been propped up by a dire housing shortage and recently easing mortgage rates. —Paul Davidson, USA TODAY, 11 Apr. 2024

The Federal Reserve doesn’t directly set mortgage rates, but its actions do influence them, and hotter-than-expected inflation readings could keep the central bank from reducing interest rates. —Bryan Mena, CNN, 11 Apr. 2024

High mortgage rates, skyrocketing home prices, and low housing inventory have been making things tough for would-be homeowners. —Sarah Yang, Sunset Magazine, 10 Apr. 2024

Verb

In these situations the risk shifts to home owners and ultimately their lenders if the house is mortgaged. —Nina Seega, Forbes, 1 Mar. 2024

Cú Chub, a Mayan seamstress, mortgaged her house to pay the gang harassing them the equivalent of $4,000, said her daughter, Evelin Gabriela Gue. —Arelis R. Hernández, Washington Post, 1 Mar. 2024

The winner was the Lakers because Pelinka would no longer mortgage the future to satisfy the whims of basketball’s ultimate win-now superstar. —Bill Plaschke, Los Angeles Times, 10 Feb. 2024

Xavi returned to coaching his boyhood club in November 2021 and successfully led an overhaul of the team — financed by the club mortgaging its future — to win La Liga last season, its first major title since the exit of Lionel Messi. —Joseph Wilson, USA TODAY, 25 Jan. 2024

In order to fund her first album, La voix du bon Dieu, Angélil mortgaged his home. —Alexandra Schonfeld, Peoplemag, 30 Mar. 2024

So anyone who locked in a below-market rate, or were simply mortgage free, held onto their homes because to sell would mean giving up an insanely low rate that may never return. —Alena Botros, Fortune, 18 Mar. 2024

In the same month that Denver mortgaged huge chunks of its future on Wilson, the desperate Browns made an even bigger bet on Deshaun Watson. —Tom Krasovic, San Diego Union-Tribune, 6 Mar. 2024

And students shouldn’t have to mortgage their futures for a fair shot at middle-class security. —Jamie Merisotis, Forbes, 21 Feb. 2024

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

Phrases Containing mortgage

• adjustable rate mortgage
• first mortgage
• mortgage the/one's future
• reverse mortgage
• second mortgage
• variable rate mortgage

Kids Definition

mortgage

1 of 2 noun

mort·​gage ˈmȯr-gij 

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 

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 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

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