1. a written document clarifying that the property as collateral for ensuring the payment of the debt. eg: the borrower gives the mortgage for getting the loan to buy a property, which at the same time is taken as the collateral; the lender gives the loan. 2. a mortgage is a way of paying off, or amortising a loan over a fixed period with a series of regular payments. Note: mortgage loan is a kind of loan or debt. 3. mortgage has three important features: interest rate, payment schedule, and amortization period.
A voluntary lien filed against property to secure a debt, usually a loan. To foreclose, the lender must often institute a court action and the borrower may have the right to reclaim the property after foreclosure. Compare, DEED OF TRUST .
