noun
- a legal agreement in which a person borrows money to buy property and pays it back over a period of years
- the amount of money borrowed through such an agreement
verb
- to borrow money to buy property by giving the lender legal claim to the property if the loan is not repaid
- to risk losing something valuable by using it as security for a loan or obligation
Usage: figurative
Examples
- They applied for a 30-year mortgage to buy their first home.
- The bank approved our mortgage application last week.
- We’re paying off our mortgage early to save on interest.
- They decided to mortgage their house to start a business.
- The couple mortgaged their property to fund their children’s education.
- He mortgaged his future by taking on too much debt.
- The monthly mortgage payment includes principal and interest.