Mortgage

A mortgage (literal translation: "death pledge") is a device developed in the common law world, whereby the ownership of property is passed from one person -- the mortgagor -- to another -- the mortgagee -- in return for the loan of money. The mortgagee is prevented from exercising his rights of ownership by the rules of equity so long as the interest on the loan is paid.

Related Topics:
Common law - Property - Money - Equity

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Historically this distinguished a mortgage from other legal devices such as a lien, charge or pledge, but in most common law jurisdictions the operations of mortgages has been changed so that these concepts have merged to a greater or lesser extent.

Related Topics:
Lien - Charge - Pledge

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

In modern society it is used as a method by which individuals or businesses can buy residential or commercial property without paying the full value immediately.

~ ~ ~ ~ ~ ~ ~ ~ ~ ~