Mortgages definition: A legal agreement by which a bank or other financial institution 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.
Definitions of Mortgages
- 1noun
A legal agreement by which a bank or other financial institution 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.
- 2verb
To pledge (property) to a creditor as security for the repayment of a loan.
Example Sentences
“Many homeowners struggle to pay their monthly mortgages.”
“He mortgages his house to start a new business.”
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