mortgaged


Also found in: Thesaurus, Medical, Legal, Financial, Encyclopedia.

mort·gage

 (môr′gĭj)
n.
1. A loan for the purchase of real property, secured by a lien on the property.
2. The document specifying the terms and conditions of the repayment of such a loan.
3. The repayment obligation associated with such a loan: a family who cannot afford their mortgage.
4. The right to payment associated with such a loan: a bank that buys mortgages from originators.
5. The lien on the property associated with such a loan.
tr.v. mort·gaged, mort·gag·ing, mort·gag·es
1. To pledge (real property) as the security for a loan.
2. To make subject to a claim or risk; pledge against a doubtful outcome: mortgaged their political careers by taking an unpopular stand.

[Middle English morgage, from Old French : mort, dead (from Vulgar Latin *mortus, from Latin mortuus, past participle of morī, to die; see mer- in Indo-European roots) + gage, pledge (of Germanic origin).]
Word History: In early Anglo-Norman law, property pledged as security for a loan was normally held by the creditor until the debt was repaid. Under this arrangement, the profits or benefits that accrued to the holder of the property could either be applied to the discharge of the principal or taken by the creditor as a form of interest. In his Tractatus de legibus et consuetudinibus regni Angliae (1189), Ranulf de Glanville explains that this latter type of pledge, in which the fruits of the property were taken by the creditor without reduction in the debt, was known by the term mort gage, which in Old French means "dead pledge." Because of Christian prohibitions on profiting from money lending, however, the mortgage was considered a species of usury. The preferred type of pledge, in which the property's profits went to paying off the debt and thus continued to benefit the borrower, was known in Old French by the term vif gage, "living pledge." By the time of the great English jurist Thomas Littleton's Treatise on Tenures (1481), however, the mortgage had evolved into its modern form—a conditional pledge in which the property (and its profits) remain in possession of the debtor during the loan's repayment. This led Littleton and his followers, such as the influential jurist Sir Edward Coke (1552-1634), to explain the mort in mortgage in terms of the permanent loss of the property in the event the borrower fails to repay, rather than of the loss of the profits from the property over the duration of the loan.
ThesaurusAntonymsRelated WordsSynonymsLegend:
Adj.1.mortgaged - burdened with legal or financial obligations; "his house, his business, indeed, his whole life was heavily mortgaged"
encumbered - loaded to excess or impeded by a heavy load; "a summer resort...encumbered with great clapboard-and-stucco hotels"- A.J.Liebling; "a hiker encumbered with a heavy backpack"; "an encumbered estate"
References in classic literature ?
There was poor old ponas Jokubas, for instance--he had already given five dollars, and did not every one know that Jokubas Szedvilas had just mortgaged his delicatessen store for two hundred dollars to meet several months' overdue rent?
Then you shall be courteously entreated to call and examine, and shall find an abundance of husbands, wives, brothers, sisters, fathers, mothers, and young children, to be "sold separately, or in lots to suit the convenience of the purchaser;" and that soul immortal, once bought with blood and anguish by the Son of God, when the earth shook, and the rocks rent, and the graves were opened, can be sold, leased, mortgaged, exchanged for groceries or dry goods, to suit the phases of trade, or the fancy of the purchaser.
His father died in debt,' he said; 'the whole property is mortgaged, and the sole chance for the natural heir is to allow him an opportunity of creating some interest in the creditor's heart, that he may be inclined to deal leniently towards him.
I have left my home, I have mortgaged my estate, I have given up my comforts, and committed myself to the arms of Fortune, to bear me whithersoever she may please.
This house had been purchased and mortgaged, generally simultaneous operations with this great operator, as soon as he had "inventoried" half a million.