n. [ F. mort-gage; mort dead (L. mortuus) + gage pledge. See Mortal, and Gage. ] 1. (Law) A conveyance of property, upon condition, as security for the payment of a debt or the preformance of a duty, and to become void upon payment or performance according to the stipulated terms; also, the written instrument by which the conveyance is made. [ 1913 Webster ]

☞ It was called a mortgage (or dead pledge) because, whatever profit it might yield, it did not thereby redeem itself, but became lost or dead to the mortgager upon breach of the condition. But in equity a right of redemption is an inseparable incident of a mortgage until the mortgager is debarred by his own laches, or by judicial decree. Cowell. Kent. [ 1913 Webster ]

2. State of being pledged; as, lands given in mortgage. [ 1913 Webster ]

Chattel mortgage. See under Chattel. --
To foreclose a mortgage. See under Foreclose. --
Mortgage deed (Law), a deed given by way of mortgage. [ 1913 Webster ]

v. t. [ imp. & p. p. Mortgaged p. pr. & vb. n. Mortgaging ] 1. (Law) To grant or convey, as property, for the security of a debt, or other engagement, upon a condition that if the debt or engagement shall be discharged according to the contract, the conveyance shall be void, otherwise to become absolute, subject, however, to the right of redemption. [ 1913 Webster ]

2. Hence: To pledge, either literally or figuratively; to make subject to a claim or obligation. [ 1913 Webster ]

Mortgaging their lives to covetise. Spenser. [ 1913 Webster ]

I myself an mortgaged to thy will. Shak. [ 1913 Webster ]

adj. burdened with legal or financial obligations; as, His house was mortgaged to the hilt. [ WordNet 1.5 ]

n. (Law) The person to whom property is mortgaged, or to whom a mortgage is made or given. [ 1913 Webster ]

n. (Law) One who gives a mortgage. [ 1913 Webster ]