A legal agreement by which a bank or other creditor lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt.

They took out a mortgage to buy their first home.

The amount of money borrowed from a bank or lender to purchase a house, which is paid back over time with interest.

Their monthly mortgage is quite high due to the interest rate.

The document or deed specifying the terms of a mortgage loan.

He signed the mortgage at the closing meeting.

mortgageverb

To convey (a property) to a creditor as security on a loan.

They decided to mortgage their house to secure the business loan.

To pledge or stake something abstract, such as one's future or reputation, as if it were a property securing a loan.

By dropping out of college, he essentially mortgaged his future on the startup's success.

mortgageadjective

Relating to or used in connection with mortgages.

Mortgage interest rates dropped sharply this year.