A legal agreement that conveys the conditional right of ownership on an asset or property by its owner (the mortgagor) to a lender (the mortgagee) as security for a loan. The lender's security interest is recorded in the register of title documents to make it public information, and is voided when the loan is repaid in full.
Virtually any legally owned property can be mortgaged, although real property (land and buildings) are the most common. When personal property (appliances, cars, jewelry, etc.) is mortgaged, it is called a chattel mortgage.
Use mortgage in a sentence
The family was worried about being able to afford their mortgage after their mother got laid off of her job.
I could not go out with my friends to the restaurant because I had too many bills to pay, plus the mortgage was due.
It is always important to make your payments on time and stay up to date to get rid of your mortgage as quick as possible.