The word mortgage is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure.
Does mortgage mean death grip?
The roots are mort (death) and gage (pledge). Literally, a mortgage is a “death pledge.” This may sound somewhat macabre (another French word!), but the “death” in the term refers to the death of the obligation, not the obligee. In other words, a mortgage is something you pledge to pay until it is dead—paid off.
Why is a mortgage a death pledge?
What is a dead pledge? Well, that is the literal translation of the word mortgage: by hypothèque), from mort "dead" + gage "pledge;" so called because the deal dies either when the debt is paid or when payment fails.
What is the root of mortgage?
From where did the word “mortgage” come? The word comes from Old French morgage, literally “dead pledge,” from mort (dead) and gage (pledge). According to the online etymology dictionary, it is so called because the deal dies when the debt is paid or when payment fails.Apr 1, 2019
What is the Latin word for mortgage?
Etymology. From Anglo-Norman morgage, Middle French mortgage, from Old French mort gage (“death pledge”), after a translation of judicial Medieval Latin mortuum vadium or mortuum wadium, from mortuum + vadium or wadium, of Germanic (Frankish) origin, from a root *waddi, wadja.
Does the word mortgage mean?
The term mortgage refers to a loan used to purchase or maintain a home, land, or other types of real estate. The borrower agrees to pay the lender over time, typically in a series of regular payments that are divided into principal and interest. The property serves as collateral to secure the loan.
Is a mortgage a death contract?
A mortgage loan is a loan secured by real property through the use of a mortgage note. The word mortgage is a French Law term meaning "death contract", meaning that the pledge ends (dies) when either the obligation is fulfilled or the property is taken through foreclosure.
Why does mortgage mean death pledge?
The word comes from Old French morgage, literally “dead pledge,” from mort (dead) and gage (pledge). According to the online etymology dictionary, it is so called because the deal dies when the debt is paid or when payment fails. And if he doth pay the money, then the pledge is dead as to the tenant.”Apr 1, 2019
What is the real meaning of mortgage?
a conveyance of an interest in real property as security for the repayment of money borrowed to buy the property; a lien or claim on property such that the lender can take possession if the loan is not repaid. the deed by which such a transaction is effected. the obligation to repay such a loan; the debt incurred.