Definition: The word "mortgage" means borrowing money to buy a home or other property, which can be secured with some type of security such as a mortgage deed. It is also known as a mortgage loan. In French, the word "mortage" has its root in the Latin "mater" meaning "house," and "labor" meaning work. So "mortgage" refers to borrowing money from someone else to pay for something or someone's property. The word has many meanings depending on context, but it is commonly used in financial jargon to describe any form of loan that requires the borrower to provide collateral such as a mortgage deed to secure their loan payment.
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