mortgage
UK: ˈmɔːɡɪdʒ | US: ˈmɔːrɡɪdʒ
n. a legal agreement by which a bank lends money at interest in exchange for taking title of the debtor's property, with the condition that the title is returned upon payment of the debt
vt. to pledge (property) as security for a loan
The word "mortgage" originates from Old French mort gage, literally meaning "dead pledge." This reflects the medieval legal concept where the borrower's property rights were "dead" (transferred to the lender) until the debt was repaid. The "death" metaphor emphasizes the conditional nature of the pledge—if the debt was paid, the pledge "revived" the borrower's ownership; if not, the property remained with the lender. The root mort- derives from Latin mors (death), while gage comes from Old French gage (pledge), of Germanic origin.
They took out a mortgage to buy their first home.
The bank approved her mortgage application after a credit check.
Rising interest rates have increased monthly mortgage payments.
He struggled to pay off his mortgage after losing his job.
The property was mortgaged as collateral for the business loan.