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English definition of “mortgage”

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mortgage

noun [C]  /ˈmɔr·ɡɪdʒ/ us  
an agreement that allows you to borrow money from a bank or similar organization by offering something of value, esp. in order to buy a house or apartment, or the amount of money itself: They took out a $90,000 mortgage to buy the house.

mortgage

verb [T]  /ˈmɔr·ɡɪdʒ/ us  
to offer something of value in order to borrow money from a bank or similar organization: They had to mortgage their home to borrow enough money to pay for their children’s education.
(Definition of mortgage from the Cambridge Academic Content Dictionary © Cambridge University Press)
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