Sub-mortgage



noun
1.
a conveyance of an interest in property as security for the repayment of money borrowed.
2.
the deed by which such a transaction is effected.
3.
the rights conferred by it, or the state of the property conveyed.
verb (used with object), mortgaged, mortgaging.
4.
Law. to convey or place (real property) under a mortgage.
5.
to place under advance obligation; pledge:
to mortgage one’s life to the defense of democracy.
noun
1.
an agreement under which a person borrows money to buy property, esp a house, and the lender may take possession of the property if the borrower fails to repay the money
2.
the deed effecting such an agreement
3.
the loan obtained under such an agreement: a mortgage of £48 000
4.
a regular payment of money borrowed under such an agreement: a mortgage of £247 per month
verb (transitive)
5.
to pledge (a house or other property) as security for the repayment of a loan
adjective
6.
of or relating to a mortgage: a mortgage payment
mortgage [(mawr-gij)]

A legal agreement that creates an interest in real estate between a borrower and a lender. Commonly used to purchase homes, mortgages specify the terms by which the purchaser borrows from the lender (usually a bank or a savings and loan association), using his or her title to the house as security for the unpaid balance of the loan.

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