A mortgage is a loan in which the lender may use your property as payment if you don't pay back the loan. Offer your friend a mortgage for the $20 he wants . . . with his bike as security.

Most people obtain a mortgage when they buy a house. The bank extends the loan because of the guarantee that the house will be the bank’s to sell if the debt isn’t repaid. When you make this deal, you have mortgaged your house — the word mortgage can be used as a noun or a verb.

Definitions of mortgage

n a conditional conveyance of property as security for the repayment of a loan

first mortgage
a mortgage that has priority over all mortgages and liens except those imposed by law
second mortgage
a mortgage that is subordinate to a first mortgage
chattel mortgage
a loan to buy some personal item; the item (or chattel) is security for the loan
Type of:
security interest
any interest in a property that secures the payment of an obligation

v put up as security or collateral

issue bonds on
Type of:
be in debt

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