|1.||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.||the deed effecting such an agreement|
|3.||the loan obtained under such an agreement: a mortgage of £48 000|
|4.||a regular payment of money borrowed under such an agreement: a mortgage of £247 per month|
|5.||to pledge (a house or other property) as security for the repayment of a loan|
|6.||of or relating to a mortgage: a mortgage payment|
|[C14: from Old French, literally: dead pledge, from mort dead + gage security, |
A legal agreement that creates an interest in real estate between a borrower and a lender. Commonly used to purchase homes, mortgages specify the terms by which the purchaser borrows from the lender (usually a bank or a savings and loan association), using his or her title to the house as security for the unpaid balance of the loan.