Definition: 'Mortgage' means loan or debt related to a home, such as a mortgage on a house. It typically refers to an obligation that someone owes money to a lender for the use of the property or services provided by the lender, such as the house or service provider. 'Taxes' refer to fees and charges that are collected by government agencies or employers to support their activities. In this case, 'mortgage taxes', which is part of the mortgage payment, includes both the principal amount of the loan (the cost) and the interest on top of it, which can be a large sum for someone with multiple loans. The term 'mortgage' is also used in other contexts where one pays money to borrow from another person or entity for a specific purpose such as financing a home purchase, making home improvements, paying off debt, or for some other reason.
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