mortgage
UK[ˈmɔːɡɪdʒ]US[ˈmɔːrɡɪdʒ]
n
a legal agreement by which a bank or similar organization lends you money to buy a house, etc., and you pay the money back over a particular number of years; the sum of money that you borrow.
v
to give a bank, etc. the legal right to own your house, land, etc. if you do not pay back the money it has lent you to buy it.
Morpheme Breakdown
mort
gage
mort
dead
gage
pledge
Etymology
the word mortgage entered english in the late 14th century from old french mort gage, literally meaning "dead pledge." the term's logic is rooted in medieval property law. the "dead" element (mort) signified that the pledge would become void or "die" either when the debt was fully paid (extinguishing the lender's claim) or if the borrower defaulted (making the pledge absolute and the property forfeit). the "gage" or "pledge" element referred to the property itself, which was given as security for the loan. thus, the term encapsulates the conditional nature of the agreement, where the pledge's life is tied to the loan's fulfillment or failure.
Analysis
Structure: mort (dead) + gage (pledge)
mort: from old french, from latin mort- (stem of mors), meaning 'death'. in this compound, it conveys the sense of being dead or extinguished upon fulfillment.
gage: from old french, meaning 'pledge' or 'security'. it is related to old english weddian (to pledge) and germanic roots for 'pledge'.
Examples
they took out a 30-year mortgage to buy their first home.
the bank required a significant deposit before approving the mortgage.
if you fail to make the payments, the lender can foreclose on the mortgage.