Advanced English Word of the Day

Definitions

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mortgage
1. n. (legal) 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 lan
We're renting a property in the city centre because we can't afford to get a mortgage yet.
2. n. (obsolete) State of being pledged.
lands given in mortgage
3. v. (transitive, legal) 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 pled
to mortgage a property, an estate, a shop
We mortgaged our house in order to start a company.
4. v. (transitive, figurative) To pledge and make liable; to make subject to obligation; to achieve an immediate result by paying for it in the long term.

Pronunciation

Example Sentences

There are mothers and fathers who will lie awake after the children fall asleep and wonder how they'll make the mortgage, or pay their doctor's bills, or save enough for their child's college education.  A mortgage rate of six percent is becoming the current industry average.  More and more people are falling behind in their mortgage payments.

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