Definition of mortgage noun from the Oxford Advanced American Dictionary

 

mortgage

 noun
noun
NAmE//ˈmɔrɡɪdʒ//
 
(informal home loan)
 
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a legal agreement by which a bank or similar organization lends you money to buy a house, etc., and you pay the money back over a particular number of years; the sum of money that you borrow to apply for/take out/pay off a mortgage mortgage rates (= of interest) a mortgage on the house a mortgage of $260,000 monthly mortgage repayments
See the Oxford Advanced Learner's Dictionary entry: mortgage