Mortgage (noun)

1. A legal agreement by which a lender loans money to a borrower to purchase a property, and the borrower agrees to repay the loan with interest over a set period.
2. A loan secured by such an agreement.
3. A property used as security for a loan of this type.

Origin:

Middle english: from old french mort gage, from mort "dead" + gage "pledge" (because the debt was secured on the borrower's property and was recoverable only upon his death or the sale of the property).

Examples:

1. She took out a mortgage to buy her first home.
2. He used his mortgage to finance the purchase of a new car.
3. The mortgage payment is due on the first of every month.
4. The bank foreclosed on the property because the owner failed to make mortgage payments.
5. Many people choose to pay off their mortgage as soon as possible to own their property outright.