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Meaning of mortgage

mort•gage

Pronunciation: (môr'gij), [key]
— n., v., -gaged, -gag•ing.
—n.
  1. a conveyance of an interest in property as security for the repayment of money borrowed.
  2. the deed by which such a transaction is effected.
  3. the rights conferred by it, or the state of the property conveyed.
—v.t.
  1. to convey or place (real property) under a mortgage.
  2. to place under advance obligation; pledge: to mortgage one's life to the defense of democracy.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.
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