mortgage

The word “mortgage” means a loan used to buy property, where the property itself is used as security for the debt. In plain terms, a loan specifically for buying property, secured against that property.

“Mortgage” is pronounced MAW-gihj (/ˈmoɹ.ɡɪd͡ʒ/ in IPA).

Here is “mortgage” used in a sentence: “They took out a 25-year mortgage to buy their first house.”

Depending on how it is used, “mortgage” can be a noun and a verb.

The word “mortgage” comes from Old French. From Old French mort gage, literally "dead pledge" — because the arrangement ended ("died") either when the debt was paid off or when the property was taken.

“Mortgage” is a fairly common word in modern English, usually learned at around the B2 level.

“Mortgage” has 2 distinct senses listed in this dictionary. The most common is: a loan used to buy property, where the property itself is used as security for the debt.

A mortgage is a specific type of loan used to buy property, with the property itself serving as security for the debt, meaning the lender can take the property if the borrower fails to repay. "Loan" is the general term for any borrowed money, secured or not.

The mortgagor is the borrower, the person who offers their property as security for the loan. The mortgagee is the lender, usually a bank or building society, that provides the money. The pairing trips people up because the "-or" ending goes to the homeowner, not the bank.

The spelling preserves the word's Old French origin, from elements meaning "dead pledge." English kept the French spelling even though the t is not pronounced, which is why "morgage" is a common misspelling to watch for.