What is a mortgage? Here’s what The New Merriam – Webster Dictionary definition is: “a
transfer of rights to a piece of property usu. as security for the payment of a
loan or debt that becomes void when the debt is paid.” That’s as plain and
simple as it gets, you pledge the property that you’re buying to the lender
until your home loan is paid off then the mortgage is released and you own the
property free and clear. The term “Mortgage Loan” usually pertains to the loan
used to purchase a home..