Definition - What does Mortgage mean?
A Mortgage is a debt method in which a real estate property is secured by collateral. The borrower, who has the Mortgage is liable to payback all the payment in due time. Mortgages are a common way of debt, especially in the real estate business. Businesses as well as individuals make use of Mortgages to purchase the real estate, without having to pay the entire money upfront. Another name for Mortgage is claims on property or liens against property.
Petropedia explains Mortgage
Mortgage is a form of debt, especially used in the purchase of real estate property. Large real estate property is usually purchased using a Mortgage, which is a form of debt that is secured by collateral. The borrower of the Mortgage pays for the loan over a course of time, which can be months or years. A Mortgage is usually accompanied with interest rate, which also has to be paid. Once the Mortgage is paid, the borrower's property is free from the Mortgage and can be used as per the need.