1. loan agreement secured by property: an agreement by which somebody borrows money from a money-lending organization such as a bank or savings-and-loan association and gives that organization the right to take possession of property given as security if the loan is not repaid
2. contract between borrower and lender: a written contract describing the agreement between a borrower and a lending organization by which a loan is given against security
3. total money borrowed: the total amount of money lent to a borrower by a money-lending organization, with some of the borrower's property being given as security
4. loan installment to be repaid: the money paid by a borrower, usually monthly, to a lending organization until the entire sum borrowed by a mortgage agreement has been repaid
transitive verb (past and past participlemort·gaged, present participlemort·gag·ing, 3rd person present singularmort·gag·es)
Definition:
1. grant claim to ownership of property: to give a claim to legal possession of property to a money-lending organization such as a bank or savings-and-loan association as security for a loan
2. put something at risk: to pledge something when risk is involved
(
informal
)
mortgaged her political future by accepting the donation
[14th century. < Old French< mort "dead" + gage "pledge," because property pledged as security may be lost]
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