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.
Does mortgage mean death contract?
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. … Similarly to other Central Europeans, most Czechs own the house they live in (over 70%).
Why is a mortgage a death pledge?
mortgage (n.) late 14c., from Old French morgage, literally “dead pledge,” from mort “dead” + gage “pledge.” So called because the deal dies when the debt is paid or when payment fails.
Why is the T silent in mortgage?
Very few words in the English language contain the consonant cluster –rtg-, and in only one of those words (and its derivatives) is the t silent: mortgage. … Gage is a Middle English word meaning “pledge,” and especially a pledge to do battle.
What is the legal meaning of the word mortgage?
A mortgage involves the transfer of an interest in land as security for a loan or other obligation. … The mortgagor is the party transferring the interest in land. The mortgagee, usually a financial institution, is the provider of the loan or other interest given in exchange for the security interest.
What is a synonym for mortgage?
- homeowner’s loan.
What do the French call a mortgage?[ˈmɔːʳɡɪdʒ ] (= loan) emprunt m immobilier.
What is death pledge?
One explanation is that the debt dies or becomes void when you pay off the pledge – i.e. the loan you “pledged” to repay. You pay off your mortgage and the debt dies. The other explanation is that the property on which you’ve put the mortgage is lost or dies if you fail to repay the loan.
How do you speak to a mortgage?
Is Mort Greek or Latin?
The Latin root word mort means “death.” This Latin root is the word origin of a good number of English vocabulary words, including mortgage, mortuary, and immortal. The Latin root word mort is easily recalled through the word mortal, for a “mortal” is someone whom “death” will claim one day.
Is R silent in mortgage?
- Mortgage /ˈmɔːgɪdʒ/ Both the letters ‘r’ and ‘t’ are silent in this word. As a suffix, ‘age’ is pronounced as /ɪdʒ/.
What is silent in mortgage?
When a borrower takes on a mortgage to buy a home, they get the money, but they also use the home as collateral to secure the loan. … It is considered “silent” if that second mortgage or loan is used to secure down payment funds and then not disclosed to the original mortgage lender prior to closing.
What word has a silent l?
L is also silent in could, should, would, as well as in calf and half, and in chalk, talk, walk, and for many people in calm, palm, and psalm.
Who is the legal owner of a mortgaged property?
A mortgage is a temporary transfer of property in order to secure a loan of money. The person who owns the land is the ‘mortgagor’. The person lending the money is the ‘mortgagee’.
What is a mortgage simple definition?
But you don’t have enough money sitting around to pay for the car in one payment. So you take out an auto-loan. … In simple terms, a mortgage is a type of loan, just like an auto-loan or financing for jewelry. Specifically it is a loan in which a person borrows money to buy or refinance a house. That’s it.
What is a antonym for mortgage?
Opposite of a privilege of delayed payment extended to a buyer or borrower. cash. upfront payment. advance payment.
How long is a mortgage?
The most common mortgage term in the U.S. is 30 years. A 30-year mortgage gives the borrower 30 years to pay back their loan. Most people with this type of mortgage won’t actually keep the original loan for 30 years. In fact, the typical mortgage length, or average lifespan of a mortgage, is under 10 years.