Origin: French suffix -age
Mortgage has 4 different meanings across 2 categories:
a conditional conveyance of property as security for the repayment of a loan
"After signing the mortgage, we officially transferred our home's title to the bank until the loan was fully paid off."
A special form of secured loan where the purpose of the loan must be specified to the lender, to purchase assets that must be fixed (not movable) property, such as a house or piece of farm land. The assets are registered as the legal property of the borrower but the lender can seize them and dispose of them if they are not satisfied with the manner in which the repayment of the loan is conducted by the borrower. Once the loan is fully repaid, the lender loses this right of seizure and the assets are then deemed to be unencumbered.
"After signing a mortgage on their new farmhouse, they knew that if they failed to make payments, the bank could seize the land since it was fixed property used as collateral for the loan."
In plain English: A mortgage is a loan used to buy a house where you pay it back over time with interest.
"They decided to get a mortgage so they could buy their first home."
Usage: Use "mortgage" as a noun to refer specifically to the legal agreement or lien that secures a loan against real estate like a home or land. It is incorrect to use this term for any type of personal debt, vehicle financing, or movable property.
put up as security or collateral
"The lender refused to approve our loan because we could not put our new car up as mortgage to secure the repayment."
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.
"After paying off his student loans, he decided to mortgage his home to fund his small business venture."
In plain English: To mortgage something means to pledge it as security for a loan so you can get money now and pay it back later with interest.
"They decided to mortgage their house to pay for their son's college education."
Usage: To mortgage a property means to pledge it as security for a loan, allowing the lender to seize the asset if you fail to repay. You can mortgage your home not only to buy it but also to borrow money against its existing value for other purposes.
The word "mortgage" comes from the Old French phrase mort gage, which literally means "dead pledge." It entered English after a translation of Medieval Latin terms used in legal contexts to describe a security interest where the property would be forfeited if the debt was not paid.