Definition

1. Noun:

   • A loan for purchasing property: A mortgage is a specific type of loan used to buy real estate, where the property itself serves as security for the debt.
   • The legal agreement for such a loan: The mortgage is also the legal document or contract outlining the terms of this loan and the lender's conditional claim on the property.

2. Verb:

   • To pledge property as security for a loan: To mortgage means to use an asset, typically real estate, as collateral to obtain a loan from a lender.

Usage Examples

• Noun:

  • They took out a 30-year mortgage to buy their first house.
  • The bank holds the mortgage on the commercial building.

• Verb:

  • They had to mortgage their home to finance the new business venture.
  • He mortgaged his future earnings to secure the investment capital.

Advanced Usage

• "To be in/under mortgage": Describes a property that is currently serving as security for a loan.

  • The farmland is still under mortgage to the agricultural bank.

• "To pay off a mortgage": To complete the repayment of the loan, freeing the property from the lender's claim.

  • Their goal is to pay off the mortgage early.

Variants and Related Words

• Mortgagor (or Mortgager) (n): The borrower who pledges property as security.

  • The mortgagor is responsible for making the monthly payments.

• Mortgagee (n): The lender who provides the loan and holds the security interest.

  • The mortgagee has the right to foreclose if payments stop.

• Remortgage (v/n): To take out a new mortgage on a property, often to replace an existing one or to borrow more money.

  • They decided to remortgage to get a better interest rate.

Synonyms

• Noun: Loan, lien, security interest.
• Verb: Pledge, hypothecate, encumber.

Related Phrases (Phrasal Verbs)

• Mortgage out: (Less common) To obtain a mortgage on a property.
  • They were able to mortgage out and purchase the property.

Related Idioms

• "To have a mortgage on one's life": To be burdened by very long-term financial commitments or responsibilities.

  • With these student loans, I feel like I have a mortgage on my life.

• "To mortgage the future": To commit future resources or earnings to pay for present needs, potentially creating risk.

  • The government's massive borrowing is seen as mortgaging the country's future.

Noun

1. a conditional conveyance of property as security for the repayment of a loan

Verb

1. put up as security or collateral