mortage

Definition

1. Noun:

   • A legal agreement: "mortgage" is a legal document in which a person borrows money from a bank or lender to buy property (such as a house or land). The property serves as security for the loan until it is fully repaid.
   • The loan itself: "mortgage" can also refer to the amount of money borrowed under such an agreement.
   • The deed of conveyance: In legal contexts, "mortgage" is the formal deed that transfers property rights to the lender as collateral.

2. Verb:

   • To pledge property as security: To offer one's property (like a house) as a guarantee for a loan.
   • To commit to a future obligation: Figuratively, to bind oneself to a long-term financial or personal commitment.

Usage Examples

• Noun:

  • They took out a mortgage to buy their first home. (They borrowed money from a bank, using the house as security.)
  • The mortgage on the house is due every month. (The regular loan payment for the property.)

• Verb:

  • She mortgaged her house to start a business. (She used the house as collateral to get a loan.)
  • He mortgaged his future by taking on too much debt. (He committed himself to a risky financial obligation.)

Advanced Usage

• "to be under mortgage": to have a property that is currently pledged as security for a loan.

  • The house is still under mortgage, so they cannot sell it freely. (The property is tied to a loan agreement.)

• "to raise a mortgage": to obtain a loan by offering property as security.

  • They raised a mortgage from the local bank. (They secured a loan using their property.)

• "mortgage deed": the formal legal document that records the mortgage agreement.

  • The mortgage deed was signed by both parties. (The official contract was executed.)

Variants and Related Words

• Mortgagor (n): the person who borrows money and gives the mortgage.

  • The mortgagor must make regular payments. (The borrower is responsible for the loan.)

• Mortgagee (n): the lender (bank or financial institution) that provides the mortgage.

  • The mortgagee can foreclose if payments are missed. (The lender has legal rights to the property.)

• Mortgageable (adj): capable of being used as security for a mortgage.

  • Not all properties are mortgageable. (Some properties are not acceptable as collateral.)

Synonyms

• Home loan: a loan specifically for buying a house.
• Property loan: a loan secured by real estate.
• Lien: a legal claim on property as security for a debt (more general term).

Phrasal Verbs

• Mortgage off: to pay off a mortgage completely.

  • They finally mortgaged off their house after twenty years. (They repaid the entire loan.)

• Mortgage out: to obtain a mortgage that exceeds the property's value (rare, informal).

  • He mortgaged out and ended up in debt. (He borrowed more than the house was worth.)

Related Idioms

• Under water on a mortgage: when the amount owed on a mortgage is greater than the current value of the property.

  • Many homeowners are under water on their mortgage after the housing crash. (They owe more than the house is worth.)

• A mortgage around one's neck: a burdensome or oppressive financial obligation.

  • The huge mortgage was a mortgage around his neck. (It was a heavy, limiting responsibility.)