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mort·gage 1 /'mȯr-gij/ n [Anglo-French, from Old French, from mort dead (from Latin mortuus ) + gage security]1 a: a conveyance of title to property that is given to secure an obligation (as a debt) and that is defeated upon payment or performance according to stipulated termsshows that a deed was intended only as a mortgage — W. M. McGovern, Jr. et al.b: a lien against property that is granted to secure an obligation (as a debt) and that is extinguished upon payment or performance according to stipulated termscreditors with valid mortgage s against the debtor's property — J. H. Williamsonc: a loan secured by a mortgageapplied for a mortgageadjustable rate mortgage: a mortgage having an interest rate which is usu. initially lower than that of a mortgage with a fixed rate but which is adjusted periodically according to an index (as the cost of funds to the lender)balloon mortgage: a mortgage having the interest paid periodically and the principal paid in one lump sum at the end of the term of the loanblanket mortgage: a mortgage of or against all of the property of the mortgagorchattel mortgage: a mortgage of or against personal or movable property (as an airplane) compare pledge; security interest 2 at interest 1collateral mortgage in the civil law of Louisiana: a mortgage against movable or immovable property that is given to secure a written obligation (as a note) which is pledged as collateral security for a principal obligation see also collateral note at noteconstruction mortgage: a mortgage that secures a loan which finances constructionconventional mortgage1 in the civil law of Louisiana: a mortgage that is created by a written contract2: a mortgage that is not guaranteed by government agencyequitable mortgage: a constructive or implied mortgage: a transaction (as a conveyance) that does not have the form of a mortgage but is given the effect of a mortgage by a court of equity because the parties intended it to be a mortgagefirst mortgage: a mortgage that has priority over all other security interests except those imposed by lawfixed rate mortgage: a mortgage having an interest rate that stays the samegeneral mortgage in the civil law of Louisiana: a blanket mortgage that burdens all present and future propertyhome equity conversion mortgage: reverse mortgage in this entryjudicial mortgage in the civil law of Louisiana: a mortgage lien that secures a judgment debt and is created by filing a judgment with the recorder of mortgagesjunior mortgage: second mortgage in this entryleasehold mortgage: a mortgage under which a leasehold interest in property secures a loan or obligationlegal mortgage in the civil law of Louisiana: a mortgage that secures an obligation which is created by a law and which does not have to be stipulated to by the partiesopen–end mortgage: a mortgage that secures a loan agreement which allows the mortgagor to borrow additional sums usu. up to a specified limitpurchase money mortgage: a mortgage that is given (as to a lender) to secure a loan for all or some of the purchase price of property; also: a mortgage given to a seller of property to secure the unpaid balance of the purchase pricereverse mortgage: a mortgage that allows elderly homeowners to convert existing equity into available funds provided through a line of credit, a cash advance (as for the purchase of an annuity), or periodic disbursements to be repaid with interest when the home is sold or ceases to be the primary residence, when the borrower dies or some other specified event occurs, or at a fixed maturity datesecond mortgage: a mortgage lien that is subordinate in priority to a first mortgage – called also junior mortgage;senior mortgage: first mortgage in this entryspecial mortgage: a mortgage on specified propertywrap–around mortgage /'rap-ə-ˌrau̇nd-/: a second or later mortgage that incorporates the debt of a previous mortgage with additional debt for another loan2 a: an instrument embodying and containing the provisions of a mortgageexecuting and recording mortgage sb: the interest of a mortgagee in mortgaged propertythe bank holds the mortgagemortgage 2 vt mort·gaged, mort·gag·ing1: to grant or convey by a mortgagemortgaged the property to the bank2: to encumber with a mortgage
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
- mortgage
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I
noun
charge, collateral security, conditional conveyance of land, conditional property transfer, contractual obligation, encumbrance, engagement, indebtedness, loan transaction, obligation, pignus, pledge, pledge for the payment of a debt, pledge of security, real security, security, security for a debt, something owing, state of indebtedness, transfer of property as security for a debt, transfer of security
associated concepts: amortization of a mortgage, assignment of a mortgage, assumption of a mortgage, chattel mortgage, constructive mortgage, equitable mortgage, first mortgage, foreclosure of a mortgage, holder of a mortgage, lien, maturity of a mortgage, mortgage commitment, mortgagee in possession, mortgagee of record, mortgagor, purchase money mortgage, recording of a mortgage, redemption of a mortgage, second mortgage, subject to a mortgage
II
index
cloud (incumbrance), encumber (financially obligate), encumbrance, hypothecation, pawn
Burton's Legal Thesaurus. William C. Burton. 2006
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n.An interest in real property held by a creditor who lends money to a debtor to purchase the property and takes title to or a lien on the property as security for the loan.v.To give a creditor an interest in property as security for a loan.
The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008.
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a conveyance of land or an assignment of chattels as a security for the payment of a debt or the discharge of some other obligation for which it is given. Every form of property may be mortgaged except the salaries of public functionaries. Mortgages may be legal, in which case they must be effected by deed, or equitable, in which event they may be effected informally, as, for example, by the deposit of documents of title with the lender. The lender (the mortgagee) is accorded certain powers to protect his investment. The principal powers are sale and foreclosure and the right to appoint a receiver – a right that may become exercisable in the event of a default. The borrower (the mortgagor) is entitled to redeem in accordance with the terms of the mortgage. On payment of the outstanding balance, together with any interest due, the mortgage is discharged.In relation to land in England and Wales, a legal mortgage of freehold land is effected by means of a demise subject to a proviso for cesser on redemption; in relation to leaseholds, the mortgage as effected by a sub-demise. An alternative form, provided for by Section 851 of the Law of Property Act 1925, is a charge by deed expressed to be by way of legal mortgage. Since the Law of Property (Miscellaneous Provisions) Act 1989, the creation of an equitable mortgage requires to be in writing and can, it would seem, no longer be effected merely by deposit of title deeds. To secure protection against bona fide purchasers, equitable mortgagees should ensure that their mortgages are protected by registration as a land charge (where the title is not subject to the Land Registration Acts) or as a charge where the title is so subject.In Scotland the word is used non-technically to describe the lending relationship in relation to heritage. The legal documentation in Scotland is by way of a standard security.
Collins dictionary of law. W. J. Stewart. 2001.
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An arrangement under which a borrower puts up the title to real estate as security (collateral) for a loan to buy the real estate. The borrower typically agrees to make regular payments of principal and interest to repay the loan. If the borrower falls behind (defaults) on the payments, the lender can foreclose on the real estate and have it sold to pay off the loan. Compare: trust deedCategory: Bankruptcy, Foreclosure & Debt → ForeclosureCategory: Real Estate & Rental Property → Buying a House
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
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The transfer of the ownership of an asset by way of security for particular obligations on the express or implied condition that it will be re-transferred on the discharge of the secured obligations.A legal mortgage is the most secure and comprehensive form of security interest. It transfers legal title to the mortgagee and prevents the mortgagor from dealing with the mortgaged asset while it is subject to the mortgage. An equitable mortgage arises where the formalities to create a legal mortgage have not been completed or where the asset being mortgaged is only an equitable interest. An equitable mortgage only transfers a beneficial interest in the asset to the mortgagee with legal title remaining with the mortgagor.+mortgageUSAThe lien an owner of property gives to a lender as security for the payment and performance of loan obligations. The owner is the mortgagor and the lender is the mortgagee. The owner retains use of the property and the lien is removed when the loan is repaid. Commonly used to take a lien over real property.Related links
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
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n.1 A grant of a security interest in real property to secure a loan, often for the purchase of the property.2 A loan secured by an interest in real property.3 The paperwork reflecting such a loan and security interest.@ purchase money mortgageA mortgage that secures debt incurred in connection with the property as to which the mortgage is given, for example, a mortgage on one's home given to secure a loan given in order to purchase that home.@
Webster's New World Law Dictionary. Susan Ellis Wild. 2000.
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A legal document by which the owner (i.e., the buyer) transfers to the lender an interest in real estate to secure the repayment of a debt, evidenced by a mortgage note. When the debt is repaid, the mortgage is discharged, and a satisfaction of mortgage is recorded with the register or recorder of deeds in the county where the mortgage was recorded. Because most people cannot afford to buy real estate with cash, nearly every real estate transaction involves a mortgage.
Dictionary from West's Encyclopedia of American Law. 2005.
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A legal document by which the owner (i.e., the buyer) transfers to the lender an interest in real estate to secure the repayment of a debt, evidenced by a mortgage note. When the debt is repaid, the mortgage is discharged, and a satisfaction of mortgage is recorded with the register or recorder of deeds in the county where the mortgage was recorded. Because most people cannot afford to buy real estate with cash, nearly every real estate transaction involves a mortgage.
Short Dictionary of (mostly American) Legal Terms and Abbreviations.
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n.a document in which the owner pledges his/her/its title to real property to a lender as security for a loan described in a promissory note. Mortgage is an old English term derived from two French words "mort" and "gage" meaning "dead pledge." To be enforceable the mortgage must be signed by the owner (borrower), acknowledged before a notary public, and recorded with the County Recorder or Recorder of Deeds. If the owner (mortgagor) fails to make payments on the promissory note (becomes delinquent) then the lender (mortgagee) can foreclose on the mortgage to force a sale of the real property to obtain payment from the proceeds, or obtain the property itself at a sheriff's sale upon foreclosure. However, catching up on delinquent payments and paying costs of foreclosure ("curing the default") can save the property. In some states the property can be redeemed by such payment even after foreclosure. Upon payment in full the mortgagee (lender) is required to execute a "satisfaction of mortgage" (sometimes called a "discharge of mortgage") and record it to clear the title to the property. A purchase-money mortgage is one given by a purchaser to a seller of real property as partial payment. A mortgagor may sell the property either "subject to a mortgage" in which the property is still security and the seller is still liable for payment, or the buyer "assumes the mortgage" and becomes personally responsible for payment of the loan. Under English common law a mortgage was an actual transfer of title to the lender, with the borrower having the right to occupy the property while it was in effect, but non-payment ended the right of occupation. Today only Connecticut, Maine, New Hampshire, North Carolina, Rhode Island and Vermont cling to the common law, and other states using mortgages treat them as liens on the property. More significantly, 14 states use a "deed of trust" (or "trust deed") as a mortgage. These states include: California, Illinois, Texas, Virginia, Colorado, Georgia, Alaska, Arizona, Idaho, Mississippi, Missouri, Montana, North Carolina and West Virginia. Under the deed of trust system title is technically given to a trustee to hold for the lender, who is called a beneficiary.
Law dictionary. EdwART. 2013.
