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| Property law |
|---|
| Part of the common law series |
| Acquisition of property |
| Gift 路 Adverse possession 路 Deed |
| Lost, mislaid, or abandoned |
| Treasure trove |
| Alienation 路 Bailment 路 License |
| Estates in land |
| Allodial title 路 Fee simple 路 Fee tail |
| Life estate 路 Defeasible estate |
| Future interest 路 Concurrent estate |
| Leasehold estate 路 Condominiums |
| Conveyancing of interests in land |
| Bona fide purchaser |
| Torrens title 路 Strata title |
| Estoppel by deed 路 Quitclaim deed |
| Mortgage 路 Equitable conversion |
| Action to quiet title |
| Limiting control over future use |
| Restraint on alienation |
| Rule against perpetuities |
| Rule in Shelley's Case |
| Doctrine of worthier title |
| Nonpossessory interest in land |
| Easement 路 Profit |
| Covenant running with the land |
| Equitable servitude |
| Related topics |
| Fixtures 路 Waste 路 Partition |
| Riparian water rights |
| Lateral and subjacent support |
| Assignment 路 Nemo dat |
| Other areas of the common law |
| Contract law 路 Tort law |
| Wills and trusts |
| Criminal Law 路 Evidence |
A mortgage is the pledging of a property to a lender as a security for a mortgage loan. While a mortgage in itself is not a debt, it is evidence of a debt. It is a transfer of an interest in land, from the owner to the mortgage lender, on the condition that this interest will be returned to the owner of the real estate when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower.
The term comes from the Old French "dead pledge," apparently meaning that the pledge ends (dies) either when the obligation is fulfilled or the property is taken through foreclosure.
In most jurisdictions mortgages are strongly associated with loans secured on real estate rather than other property (such as ships) and in some cases only land may be mortgaged. Arranging a mortgage is seen as the standard method by which individuals and businesses can purchase residential and commercial real estate without the need to pay the full value immediately. See mortgage loan for residential mortgage lending, and commercial mortgage for lending against commercial property.
In many countries it is normal for home purchases to be funded by a mortgage. In countries where the demand for home ownership is highest, strong domestic markets have developed, notably in Spain, the United Kingdom, and the United States.