Definition: Mortgage is "a loan that a borrower uses to buy a home or other property." It is usually secured by the borrower's home, but in some cases it can be used for non-home purchases as well. The term mortgage is also used to refer to a type of debt known as a reverse mortgage, which allows homeowners to access their home equity and use it to pay off debts or make repairs. The definition of "mortgage" involves a series of actions that include paying off a loan with the hope that you will be able to buy a home in the future. This process can also involve refinancing your existing mortgage to lower your monthly payments, which is often done if you have taken out more than one mortgage or if you are facing unexpected expenses. The term "mortgage" can refer to different things depending on context and may change over time as new terminology is developed. For example, the word "mortgage" was first used in English during the 16th century when it referred to a loan that could be repaid with interest or principal. It has since become a more general term for any type of debt. In summary, mortgage refers to a type of loan made by the borrower to buy a home or other property. It is often secured by a home and can involve refinancing an existing mortgage or purchasing another home using your current mortgage balance as collateral. The word "mortgage" has various definitions depending on context and may change over time as new terminology is developed.
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