Mortgages

A mortgage is essentially the transfer of an interest in a property or potential property to a lender as security, which usually takes place in the form of a loan of money in order for the person doing the borrowing to properly purchase the property. The mortgage itself is not technically seen as a debt, but more so seen as the being the lender’s security for a debt, or the security for the loan that the person or party doing the lending makes to the person or party doing the borrowing. The term “mortgage” itself stems from an Old French word that means “dead pledge”, which has been taken to mean that the pledge – or loan – ends (“dies”) when the amount borrowed has been paid back, when any obligation for repayments has been fulfilled.