mortgage
verb
- put a property in debt to raise money
noun
- security interest in real property held by a lender
Wiktionary
Pronunciation: /ˈmɔːɡɪd͡ʒ/ / /ˈmoːɡɪd͡ʒ/ / /ˈmoɹ.ɡɪd͡ʒ/
noun
Etymology: From Middle English morgage and Middle French mortgage, from Anglo-Norman morgage, from Old French mort gage (“dead pledge”), after a translation of judicial Medieval Latin mortuum wadium, with wadium from Frankish *wadi (“wager, pledge”). Compare gage and also wage. So called because rents and profits from the land were owed to the lender for as long as the gage existed (comparable to interest on a loan today), as opposed to the living gage, in which rents and profits automatically reduced the debt (paying it off over time).
- A legal agreement in which a borrower pledges real property as collateral for a loan used to purchase or refinance that property.
“The appriser, therefore, (as the holder of a mortgage was then called,) entered upon possession, and in the language of Hotspur, "came me cranking in," and cut the family out of another monstrous cantle of their remaining property.”
- The state of being pledged.
“lands given in mortgage”
verb
Etymology: From Middle English morgage and Middle French mortgage, from Anglo-Norman morgage, from Old French mort gage (“dead pledge”), after a translation of judicial Medieval Latin mortuum wadium, with wadium from Frankish *wadi (“wager, pledge”). Compare gage and also wage. So called because rents and profits from the land were owed to the lender for as long as the gage existed (comparable to interest on a loan today), as opposed to the living gage, in which rents and profits automatically reduced the debt (paying it off over time).
- To borrow against a property, to obtain a loan for another purpose by giving away the right of seizure to the lender over a fixed property such as a house or piece of land; to pledge a property in order to get a loan.
“to mortgage a property, an estate, or a shop”
“We mortgaged our house in order to start a company.”
- To pledge and make liable; to make subject to obligation; to achieve an immediate result by paying for it in the long term.
“She mortgaged her future for the pleasures of the relationship with the sculptor, a relationship she knew would be short.”
“Like a latter-day Faustus who has mortgaged his soul to the pursuit of his art, Harrison now desperately craves the paternal love from which his learning has estranged him.”