mortgage

Definition from Wiktionary, a free dictionary

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Contents 1 English 1.1 Pronunciation 1.2 Etymology 1.3 Noun 1.3.1 Translations 1.4 Verb 1.4.1 Related terms 1.4.2 Translations 1.5 References

[edit] English

[edit] Pronunciation

• (US) IPA: /moɹ'gədʒ/, /moɹ'gɛdʒ/, /moɹ'gɪdʒ/
•  Audio (US)^{help, file}

[edit] Etymology

1390, Old French mortgage, from mort (“‘dead’”) + gage (“‘pledge’”). Verb attested 1467.^[1]

[edit] Noun

mortgage (plural mortgages)

1. 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.

[edit] Translations

[edit] Verb

to mortgage (third-person singular simple present mortgages, present participle mortgaging, simple past and past participle mortgaged)

1. As in "to mortgage a property", 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.

[edit] Related terms

• mortgagee
• mortgager

[edit] Translations

[edit] References

• Notes:

1. ^ “mortgage” in the Online Etymology Dictionary, Douglas Harper, 2001