What does mortgage mean?
A loan secured by the collateral of a specific property, typically a house, where the borrower agrees to make regular payments towards the loan, which may include interest and other costs, over a set period of time, after which the property is transferred to the lender if the borrower fails to make payments.
Example
"She took out a mortgage to buy her dream home."
Reviewed by Deb Chak, Editor. AI-assisted content curated by RJS Tech Solutions LLP.