mortgage

1 of 2

noun

mort·​gage ˈmȯr-gij How to pronounce mortgage (audio)
1
: a conveyance (see conveyance sense 2a) of or lien against property (as for securing a loan) that becomes void upon payment or performance according to stipulated terms
took out a mortgage in order to buy the house
2
a
: the instrument evidencing the mortgage
b
: the state of the property so mortgaged
c
: the interest of the mortgagee in such property

mortgage

2 of 2

verb

mortgaged; mortgaging

transitive verb

1
: to grant or convey by a mortgage
2
: to subject to a claim or obligation : pledge

Examples of mortgage in a Sentence

Noun He will have to take out a mortgage in order to buy the house. They hope to pay off the mortgage on their home soon. Verb She mortgaged her house in order to buy the restaurant. I've mortgaged all my free time this week to the hospice and won't be able to come to the party.
Recent Examples on the Web
Noun
Meanwhile, homeowners who refinanced or bought into pandemic-era ultra-low mortgage rates of 2% or 3% are very reluctant to sell their homes and buy a new one at the prevailing rate of close to 7%: More than 90% of current homeowners have mortgage rates at 6% or below. Bryan Mena, CNN, 8 Mar. 2024 If inflation keeps coming down mortgage rates will come down as well. USA TODAY, 8 Mar. 2024 Because home equity represents the difference between the value of your home and your mortgage, rising home values typically result in equity gains for homeowners. Khristopher J. Brooks, CBS News, 8 Mar. 2024 High inflation has made materials and labor costs far pricier, and ballooning mortgage rates have pumped the brakes on an already-slow sector. Dylan Sloan, Fortune, 8 Mar. 2024 The idea is to free up a part of the market that has been effectively frozen, as thousands of homeowners cling to low mortgages of 2 or 3 percent and avoid buying a new home with a much higher rate. Evan Halper, Washington Post, 8 Mar. 2024 The decline in rates since their peak last fall has helped lower monthly mortgage payments, providing more financial breathing room for homebuyers facing rising prices and a shortage of homes for sale. Alex Veiga, Quartz, 7 Mar. 2024 Following last year’s controversial property assessment season, many Jackson County homeowners are finding their mortgages and other house payments rising. Natalie Wallington, Kansas City Star, 4 Mar. 2024 Part of the reason is high mortgage rates prevented buyers from bidding up the cost of housing. Andrew Khouri, Los Angeles Times, 26 Feb. 2024
Verb
In the same month that Denver mortgaged huge chunks of its future on Wilson, the desperate Browns made an even bigger bet on Deshaun Watson. Tom Krasovic, San Diego Union-Tribune, 6 Mar. 2024 And students shouldn’t have to mortgage their futures for a fair shot at middle-class security. Jamie Merisotis, Forbes, 21 Feb. 2024 Baker noted that Spirit recently raised $419 million by mortgaging many of its planes. David Koenig, Fortune, 18 Jan. 2024 He’s mortgaged off his integrity, his moral center. Dana Rose Falcone, Peoplemag, 8 Jan. 2024 Chill factor: Costner has sunk at least $20 million of his own money into these films, including mortgaging 10 acres of his Santa Barbara property. Rebecca Rubin, Variety, 3 Jan. 2024 In 1825, Mason mortgaged the island; eight years later, in 1833, the Bank of the United States foreclosed on the property after Mason was unable to repay his debts. Sue Eisenfeld, Smithsonian Magazine, 7 Feb. 2024 Migrants from Africa, Asia and South America are mortgaging their family land, selling their cars or borrowing money from loan sharks to embark on long, often treacherous journeys to reach the United States. Miriam Jordan, New York Times, 31 Jan. 2024 Their bond is so strong, speculation has intensified that a team in the lottery could mortgage its future to acquire both Thompsons. Connor Letourneau, San Francisco Chronicle, 14 June 2023

These examples are programmatically compiled from various online sources to illustrate current usage of the word 'mortgage.' Any opinions expressed in the examples do not represent those of Merriam-Webster or its editors. Send us feedback about these examples.

Word History

Etymology

Noun and Verb

Middle English morgage, from Anglo-French mortgage, from mort dead (from Latin mortuus) + gage gage — more at murder

First Known Use

Noun

15th century, in the meaning defined at sense 1

Verb

15th century, in the meaning defined at sense 1

Time Traveler
The first known use of mortgage was in the 15th century

Dictionary Entries Near mortgage

Cite this Entry

“Mortgage.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/mortgage. Accessed 19 Mar. 2024.

Kids Definition

mortgage

1 of 2 noun
mort·​gage ˈmȯr-gij How to pronounce mortgage (audio)
1
: a transfer of rights to a piece of property (as a house) usually in return for a loan and that is canceled when the loan is paid
2
: the document recording such a transfer

mortgage

2 of 2 verb
mortgaged; mortgaging
1
: to transfer rights to a piece of property by a mortgage
2
: to place under an obligation : pledge in advance

Legal Definition

mortgage

1 of 2 noun
mort·​gage ˈmȯr-gij How to pronounce mortgage (audio)
1
a
: a conveyance of title to property that is given to secure an obligation (as a debt) and that is defeated upon payment or performance according to stipulated terms
shows that a deed was intended only as a mortgageW. M. McGovern, Jr. et al.
b
: a lien against property that is granted to secure an obligation (as a debt) and that is extinguished upon payment or performance according to stipulated terms
creditors with valid mortgages against the debtor's propertyJ. H. Williamson
c
: a loan secured by a mortgage
adjustable rate mortgage
: a mortgage having an interest rate which is usually initially lower than that of a mortgage with a fixed rate but which is adjusted periodically according to an index (as the cost of funds to the lender)
balloon mortgage
: a mortgage having the interest paid periodically and the principal paid in one lump sum at the end of the term of the loan
blanket mortgage
: a mortgage of or against all of the property of the mortgagor
chattel mortgage
: a mortgage of or against personal or movable property (as an airplane) compare pledge security interest sense 2 at interest sense 1
collateral mortgage
in the civil law of Louisiana : a mortgage against movable or immovable property that is given to secure a written obligation (as a note) which is pledged as collateral security for a principal obligation see also collateral note at note
construction mortgage
: a mortgage that secures a loan which finances construction
conventional mortgage
in the civil law of Louisiana : a mortgage that is created by a written contract
: a mortgage that is not guaranteed by a government agency
equitable mortgage
: a constructive or implied mortgage : a transaction (as a conveyance) that does not have the form of a mortgage but is given the effect of a mortgage by a court of equity because the parties intended it to be a mortgage
first mortgage
: a mortgage that has priority over all other security interests except those imposed by law
fixed rate mortgage
: a mortgage having an interest rate that stays the same
general mortgage
in the civil law of Louisiana : a blanket mortgage that burdens all present and future property
home equity conversion mortgage
: reverse mortgage in this entry
judicial mortgage
in the civil law of Louisiana : a mortgage lien that secures a judgment debt and is created by filing a judgment with the recorder of mortgages
junior mortgage
: second mortgage in this entry
leasehold mortgage
: a mortgage under which a leasehold interest in property secures a loan or obligation
legal mortgage
in the civil law of Louisiana : a mortgage that secures an obligation which is created by a law and which does not have to be stipulated to by the parties
open-end mortgage
: a mortgage that secures a loan agreement which allows the mortgagor to borrow additional sums usually up to a specified limit
purchase money mortgage
: a mortgage that is given (as to a lender) to secure a loan for all or some of the purchase price of property
also : a mortgage given to a seller of property to secure the unpaid balance of the purchase price
reverse mortgage
: a mortgage that allows elderly homeowners to convert existing equity into available funds provided through a line of credit, a cash advance (as for the purchase of an annuity), or periodic disbursements to be repaid with interest when the home is sold or ceases to be the primary residence, when the borrower dies or some other specified event occurs, or at a fixed maturity date
second mortgage
: a mortgage lien that is subordinate in priority to a first mortgage

called also junior mortgage

senior mortgage
: first mortgage in this entry
special mortgage
: a mortgage on specified property
wrap-around mortgage \ ˈrap-​ə-​ˌrau̇nd-​ \
: a second or later mortgage that incorporates the debt of a previous mortgage with additional debt for another loan
2
a
: an instrument embodying and containing the provisions of a mortgage
executing and recording mortgages
b
: the interest of a mortgagee in mortgaged property
the bank holds the mortgage

mortgage

2 of 2 transitive verb
mortgaged; mortgaging
1
: to grant or convey by a mortgage
mortgaged the property to the bank
2
: to encumber with a mortgage
Etymology

Noun

Anglo-French, from Old French, from mort dead (from Latin mortuus) + gage security

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