/ ˈmɔːgɪdʒ; NAmE ˈmɔːrg-/ noun , verb
■ noun
(also informal ˌhome ˈloan ) a legal agreement by which a bank or similar organization lends you money to buy a house, etc., and you pay the money back over a particular number of years; the sum of money that you borrow :
to apply for / take out / pay off a mortgage
mortgage rates (= of interest)
a mortgage on the house
a mortgage of £60 000
monthly mortgage repayments
■ verb
[ vn ] to give a bank, etc. the legal right to own your house, land, etc. if you do not pay the money back that you have borrowed from the bank to buy the house or land :
He had to mortgage his house to pay his legal costs.
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WORD ORIGIN
late Middle English : from Old French , literally dead pledge , from mort (from Latin mortuus dead) + gage pledge.