[ 'mɔ:gɪdʒ ]
■ noun a legal agreement by which a bank, building society, etc. 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.
↘the amount of money borrowed in a ~.
■ verb convey (a property) to a creditor as security on a loan.
Derivatives
~able adjective
Origin
ME: from OFr., lit. 'dead pledge', from mort 'dead' + gage 'pledge'.