mortgage

A loan secured by the collateral of some specified real estate property which obliges the borrower to make a predetermined series of payments.

A legal document by which real property is pledged as security for the repayment of a loan; the pledge ends when the debt is discharged.

A lien or claim against real property given by the buyer to the lender as security for money borrowed. Under government-insured or loan-guarantee provisions, the payments may include escrow amounts covering taxes, hazard insurance, water charges, and special assessments. Mortgages generally run from 10 to 30 years, during which the loan is to be paid off.