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Definition of mortgage

a conveyance of an interest in real property as security for the repayment of money borrowed to buy the property; a lien or claim on property such that the lender can take possession if the loan is not repaid.

the deed by which such a transaction is effected.

the rights conferred by such a transaction, or the state of the property conveyed: The bank holds a mortgage on his farm.I own a house under mortgage.

the total loan obtained or the periodic installment to be paid under such a transaction:They took out a $500,000 mortgage.

the obligation to repay such a loan; the debt incurred.

an advance obligation or pledge, usually involving some risk: Without good maternity care, some babies will be born with a long-term mortgage on their future health.


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