What does mortgage mean?
A mortgage is a loan secured by property, most often a house or apartment. The borrower makes regular payments and, while meeting the loan’s conditions, usually retains possession and responsibility for maintaining the property. If repayment is seriously overdue, the lender may enforce its claim and take possession, potentially requiring the borrower to sell the property. The word is also used as a verb: to mortgage a building means to pledge it as security for borrowing. In everyday conversation, “taking out a mortgage” means obtaining a home loan, while “paying off a mortgage” means completing repayment and removing the lender’s security claim. Mortgage therefore carries both the practical promise of making a major purchase manageable and the weight of a long-term financial obligation tied to a valuable asset.
A loan secured by a claim on property, or the legal arrangement and charge that provide such security.
"Their mortgage covers the remaining balance on the property."
The noun is countable and commonly refers to an individual loan agreement or the secured debt itself.
To pledge property as security for a debt, or to grant such property to a lender subject to the right to claim it if repayment fails.
"They mortgaged the house to fund the business expansion."
This use is less frequent than the noun and is often more formal or transactional.
The plural refers to multiple individual mortgage loans, agreements, or secured debts.
"The two mortgages have different interest rates and repayment schedules."
The word mortgage literally means “dead pledge,” a striking reminder that defaulting on the loan can mean losing the property that secures it.
Reviewed by Deb Chak, Editor. AI-assisted content curated by RJS Tech Solutions LLP.
Where does mortgage come from?
Mortgage comes through Old French mort gage, literally “dead pledge,” from the Latin mortuum vadum, meaning a pledge involving property that could be seized on default. The expression developed from an earlier legal arrangement in which the creditor acquired the debtor’s land if the debt was not paid. It entered English in the Middle English period and was later extended from the conveyance of land to the modern practice of borrowing money against property.
Related word forms
How mortgage is actually used
The noun is far more common than the verb. Mortgage is especially associated with residential property in everyday use, though it can also refer to other real estate or to long-term secured borrowing. Usage is broadly similar in British and American English.
Easily confused with mortgage
A mortgage is the loan or security arrangement, while a mortgagor is the borrower who owns the mortgaged property.
A mortgage is the secured loan, while a mortgagee is the lender who holds that security.