Mortgage
/ˈmɔːrɡɪdʒ/
Definitions
- (n.) A legal agreement by which a bank or creditor lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt.
She secured a mortgage to buy her first home.
- (v.) To pledge property as security for a loan without delivering possession.
He mortgaged his house to obtain business capital.
Forms
- mortgages
- mortgaged
- mortgaging
Related terms
Commentary
Use 'mortgage' carefully to distinguish the transfer of title as security from other forms of security interests, noting jurisdictional differences in terminology.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.