1. A loan for the purchase of real property, secured by a lien on the property.
2. The document specifying the terms and conditions of the repayment of such a loan.
3. The repayment obligation associated with such a loan: a family who cannot afford their mortgage.
4. The right to payment associated with such a loan: a bank that buys mortgages from originators.
5. The lien on the property associated with such a loan.
1. To pledge (real property) as the security for a loan.
2. To make subject to a claim or risk; pledge against a doubtful outcome: mortgaged their political careers by taking an unpopular stand.
[Middle English morgage. from Old French. mort. dead (from Vulgar Latin *mortus. from Latin mortuus. past participle of mor . to die ; see mer- in Indo-European roots ) + gage. pledge (of Germanic origin ).]
Word History: In early Anglo-Norman law, property pledged as security for a loan was normally held by the creditor until the debt was repaid. Under this arrangement, the profits or benefits that accrued to the holder of the property could either be applied to the discharge of the principal or taken by the creditor as a form of interest. In his Tractatus de legibus et consuetudinibus regni Angliae (1189), Ranulf de Glanville explains that this latter type of pledge, in which the fruits of the property were taken by the creditor without reduction in the debt, was known by the term mort gage, which in Old French means “dead pledge.” Because of Christian prohibitions on profiting from money lending, however, the mortgage was considered a species of usury. The preferred type of pledge, in which the property’s profits went to paying off the debt and thus continued to benefit the borrower, was known in Old French by the term vif gage, “living pledge.” By the time of the great English jurist Thomas Littleton’s Treatise on Tenures (1481), however, the mortgage had evolved into its modern form a conditional pledge in which the property (and its profits) remain in possession of the debtor during the loan’s repayment. This led Littleton and his followers, such as the influential jurist Sir Edward Coke (1552-1634), to explain the mort in mortgage in terms of the permanent loss of the property in the event the borrower fails to repay, rather than of the loss of the profits from the property over the duration of the loan.
1. (Banking Finance) an agreement under which a person borrows money to buy property, esp a house, and the lender may take possession of the property if the borrower fails to repay the money
2. (Banking Finance) the deed effecting such an agreement
3. (Banking Finance) the loan obtained under such an agreement: a mortgage of £148 000.
4. (Banking Finance) a regular payment of money borrowed under such an agreement: a mortgage of £447 per month.
(Banking Finance) to pledge (a house or other property) as security for the repayment of a loan
(Banking Finance) of or relating to a mortgage: a mortgage payment.
[C14: from Old French, literally: dead pledge, from mort dead + gage security, gage 1 ]
1. a conveyance of an interest in property as security for the repayment of money borrowed.
2. the deed by which such a transaction is effected.
3. the rights conferred by it, or the state of the property conveyed.
4. to convey or place (property) under a mortgage.
5. to place under advance obligation; pledge.
[1350 1400; Middle English Old French mortgage =mort dead ( Latin mortuus ) + gage gage 1 ]
1. the giving of property, usually real property, as security to a creditor for payment of a debt.
2. the deed pledging the security.
Past participle: mortgaged
Shimerda: he was unable to meet a note which fell due on the first of November; had to pay an exorbitant bonus on renewing it, and to give a mortgage on his pigs and horses and even his milk cow.
Haley has come into possession of a mortgage. which, if I don’t clear off with him directly, will take everything before it.
We build our churches almost without regard to cost; we rear an edifice which is an adornment to the town, and we gild it, and fresco it, and mortgage it, and do everything we can think of to perfect it, and then spoil it all by putting a bell on it which afflicts everybody who hears it, giving some the headache, others St.
But it’s finished, that’s one comfort, and we’ll have a lovely time when we’re all grown up and the mortgage is paid off.
To the eye it is fair enough, here; but seen in its integrity, under the sky, and by the daylight, it is a crumbling tower of waste, mismanagement, extortion, debt, mortgage. oppression, hunger, nakedness, and suffering.
But these shares do not represent wealth actually in existence; they are a mortgage on the labor of unborn generations of laborers, who must work to keep me and mine in idleness and luxury.
To save the boy, I had to sell my lands and mortgage my ancestral castle; and this not being enough, in the end I have had to borrow money, at a ruinous interest, from my lord of Hereford.
We make in our case a deposit, on a mortgage. which is an advance, as you see, since we gain at least ten, fifteen, twenty, or a hundred livres’ worth of iron in exchange for our money.
I have heard my grandfather say that old Peter gave his father a mortgage of this very house and land, to raise cash for his silly project.
Ay, at seven per cent a month with a mortgage on the unborn calf,’ said a young Dogra, soldier going south on leave; and they all laughed.
He had condescended to mortgage as far as he had the power, but he would never condescend to sell.
By giving a chattel mortgage on their growing wheat, they borrowed enough, at twenty per cent, to buy seed corn and a plow.