mortgages Definition

a conveyance of or lien against property (as for securing a loan) that becomes void upon payment or performance according to stipulated terms

the instrument evidencing the mortgage

the state of the property so mortgaged

to grant or convey by a mortgage

to subject to a claim or obligation : pledge

a mortgage having an interest rate which is usually initially lower than that of a mortgage with a fixed rate but is adjusted periodically according to the cost of funds to the lender

a mortgage that has priority as a lien over all mortgages and liens except those imposed by law

a mortgage that allows an elderly person to convert home equity into available funds through a line of credit, cash advance, or periodic disbursements to be repaid with interest usually when the borrower dies, moves, or sells the home

a mortgage the lien of which is subordinate to that of a first mortgage

adjustable rate mortgage