mortgage
US /ˈmɔːr.ɡɪdʒ/
UK /ˈmɔːr.ɡɪdʒ/
1.
a legal agreement by which a bank or other organization lends money at interest in exchange for taking title to the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt.
:
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They took out a mortgage to buy their new house.
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The monthly mortgage payment is quite high.
1.
to convey (property) by mortgage
:
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He had to mortgage his house to pay off his debts.
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They decided to mortgage their property to fund the new business venture.