Definition of Mortgage
Mortgage
mort·gage
Definition/Meaning
(noun)
a legal agreement in which a bank lends money to someone and charges interest in exchange for the deed of the person's property, under the condition that the house's deed will be returned when the loan is paid;
e.g. They were unable to obtain a mortgage for a house.
(noun)
a loan in which the borrower's property is given as a security, or a document outlining the terms of such an agreement;
e.g. They are almost finished paying off the mortgage on their home.
(verb)
to offer a property as a security for a loan taken;
e.g. He was forced to mortgage the building to pay off his other debts.
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