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Definition of mortgage verb from the Oxford Advanced American Dictionary

 

mortgage

 verb
verb
NAmE//ˈmɔrɡɪdʒ//
 
mortgage somethingVerb Forms present simple I / you / we / they mortgage
 
 he / she / it mortgages
 
 past simple mortgaged
 
 -ing form mortgaging
 
 
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to give a bank, etc. the legal right to own your house, land, etc. if you do not pay the money back that you have borrowed from the bank to buy the house or land He had to mortgage his house to pay his legal costs.
See mortgage in the Oxford Advanced Learner's Dictionary
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