A legal agreement by which a bank or creditor lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt.

“We finally paid off our mortgage after twenty-five years of living in this house.”

To convey a property to a creditor as security on a loan.

“The business was struggling, so he had to mortgage his home to keep it running.”