A mortgage is a special kind of credit, usually longer-term in duration, used to finance the construction or purchase of property or a long-lasting structure (such as a home or building).

Webster Dictionary Meaning

1. Mortgage
- A conveyance of property, upon condition, as security for the payment of a debt or the preformance of a duty, and to become void upon payment or performance according to the stipulated terms; also, the written instrument by which the conveyance is made.
- State of being pledged; as, lands given in mortgage.
2. Mortgage
- To grant or convey, as property, for the security of a debt, or other engagement, upon a condition that if the debt or engagement shall be discharged according to the contract, the conveyance shall be void, otherwise to become absolute, subject, however, to the right of redemption.
- Hence: To pledge, either literally or figuratively; to make subject to a claim or obligation.
Category: Economics
Share it:  Cite

More from this Section

  • Aggregate expenditure
    Aggregate expenditure is the total domestic expenditure during a given period divided ...
  • Mutual Fund
    Mutual Fund is a financial vehicle which involves pooling investments in the shares of ...
  • Plant and equipment
    Plant and equipment sometimes called fixed assets: an asset category that includes land ...
  • M1
  • Deflation
    Deflation is a decline in the overall average level of prices. Deflation is the opposite ...