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mortgage

[ˈmɔːɡɪdʒ]

mortgage Definition

  • 1a legal agreement by which a bank, building society, etc. lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt.
  • 2the loan obtained under a mortgage agreement.

Using mortgage: Examples

Take a moment to familiarize yourself with how "mortgage" can be used in various situations through the following examples!

  • Example

    They took out a mortgage to buy their house.

  • Example

    He has a $500,000 mortgage on his apartment.

  • Example

    The bank foreclosed on the mortgage when he failed to make payments.

mortgage Synonyms and Antonyms

Synonyms for mortgage

Phrases with mortgage

  • a type of loan available to homeowners, especially elderly ones, in which a lender pays the homeowner a lump sum, a monthly payment, or a line of credit based on the equity they have built up in their home, and the loan is not repaid until the homeowner dies or sells the property

    Example

    After retiring, they decided to take out a reverse mortgage to supplement their income.

  • a second loan taken out on a property that already has a mortgage, using the equity in the property as collateral

    Example

    They took out a second mortgage to pay for their child's college tuition.

  • a person or company that acts as an intermediary between borrowers and lenders, helping borrowers find the right mortgage product and lender for their needs

    Example

    They worked with a mortgage broker to find the best deal on their home loan.

Origins of mortgage

from Old French 'mort' meaning 'dead' and 'gage' meaning 'pledge'

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Summary: mortgage in Brief

A 'mortgage' [ˈmɔːɡɪdʒ] is a legal agreement where a bank or building society lends money to a borrower at interest in exchange for taking title of the borrower's property, with the condition that the conveyance of title becomes void upon the payment of the debt. It can also refer to the loan obtained under this agreement. Examples include 'They took out a mortgage to buy their house.' and 'The bank foreclosed on the mortgage when he failed to make payments.' Other phrases include 'reverse mortgage,' 'second mortgage,' and 'mortgage broker.'

How do native speakers use this expression?