different between mortgage vs mortgaged

English

Alternative forms

• morgage (obsolete)

Etymology

From Anglo-Norman morgage, Middle French mortgage, from Old French mort gage (“death pledge”), after a translation of judicial Medieval Latin mortuum vadium or mortuum wadium, from mortuum + vadium or wadium, of Germanic (Frankish) origin, from a root *waddi, wadja. Compare gage and also wage. So called because the deal dies either when the debt is paid or when payment fails.

Pronunciation

• (UK) IPA^(key): /?m??.??d?/
• (US) IPA^(key): /?m??.??d?/

Noun

mortgage (plural mortgages)

1. (law) A special form of secured loan where the purpose of the loan must be specified to the lender, to purchase assets that must be fixed (not movable) property, such as a house or piece of farm land. The assets are registered as the legal property of the borrower but the lender can seize them and dispose of them if they are not satisfied with the manner in which the repayment of the loan is conducted by the borrower. Once the loan is fully repaid, the lender loses this right of seizure and the assets are then deemed to be unencumbered.

2. (obsolete) State of being pledged.

Derived terms

• anaconda mortgage
• mortgage-backed

Translations

Verb

mortgage (third-person singular simple present mortgages, present participle mortgaging, simple past and past participle mortgaged)

1. (transitive, law) To borrow against a property, to obtain a loan for another purpose by giving away the right of seizure to the lender over a fixed property such as a house or piece of land; to pledge a property in order to get a loan.

2. (transitive, figuratively) To pledge and make liable; to make subject to obligation; to achieve an immediate result by paying for it in the long term.

Related terms

• mortgagee
• mortgager

Translations

English

Verb

mortgaged

1. simple past tense and past participle of mortgage