Definition of Mortgage
Mortgage
Mor·tgage
Definition/Meaning
(noun)
A loan to purchase a property, usually with a long-term repayment plan.
e.g. The young couple secured a mortgage to buy their dream home.
(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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