Noun He will have to take out a mortgage in order to buy the house. They hope to pay off the mortgage on their home soon. Verb She mortgaged her house in order to buy the restaurant. I've mortgaged all my free time this week to the hospice and won't be able to come to the party.
MORTGAGED meaning: 1. a mortgaged property has been bought using a mortgage that has not yet been paid back, or used…. Learn more.
If you mortgage your house or land, you use it as a guarantee to a company in order to borrow money from them. They had to mortgage their home to pay the bills. [VERB noun] ...mortgaged homes. [VERB-ed] Collins COBUILD Advanced Learner’s Dictionary. Copyright © HarperCollins Publishers
Most people obtain a mortgage when they buy a house. The bank extends the loan because of the guarantee that the house will be the bank’s to sell if the debt isn’t repaid. When you make this deal, you have mortgaged your house — the word mortgage can be used as a noun or a verb.
mortgaged Definitions of mortgaged adjective burdened with legal or financial obligations “his house, his business, indeed, his whole life was heavily mortgaged ”
- 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.
Mortgaged refers to the state or condition of a property or asset for which a mortgage loan has been taken out. In this arrangement, the property is used as a collateral by a financial institution or lender in exchange for a loan.