Mortgage
From Wikipedia, the free encyclopedia
This article is about the legal mechanism used to secure the performance of obligations, including the payment of debts, with property . For loans secured by mortgages, such as residential housing loans, and lending practices or requirements, see Mortgage loan.
Property law
Part of the common law series
Acquisition of property
Gift · Adverse possession · Deed
Lost, mislaid, or abandoned
Alienation · Bailment · License
Estates in land
Allodial title · Fee simple · Fee tail
Life estate · Defeasible estate
Future interest · Concurrent estate
Leasehold estate · Condominiums
Conveyancing of interests in land
Bona fide purchaser
Torrens title · Strata title
Estoppel by deed · Quitclaim deed
Mortgage · Equitable conversion
Action to quiet title
Limiting control over future use
Restraint on alienation
Rule against perpetuities
Rule in Shelley's Case
Doctrine of worthier title
Nonpossessory interest in land
Easement · Profit
Covenant running with the land
Equitable servitude
Related topics
Fixtures · Waste · Partition
Riparian water rights
Lateral and subjacent support
Assignment · Nemo dat
Other areas of the common law
Contract law · Tort law
Wills and trusts
Criminal Law · Evidence
A mortgage is a method of using property (real or personal) as security for the performance of an obligation, usually the payment of a debt.
The term mortgage (from old French, lit. dead pledge[1][2]) refers to the legal device used for this purpose, but it is also commonly used to refer to the debt secured by the mortgage, the mortgage loan.
In most jurisdictions mortgages are strongly associated with loans secured on real estate rather than other property (such as ships) and in some cases only land may be mortgaged. Arranging a mortgage is seen as the standard method by which individuals and businesses can purchase residential and commercial real estate without the need to pay the full value immediately. See mortgage loan for residential mortgage lending, and commercial mortgage for lending against commercial property.
In many countries it is normal for home purchases to be funded by a mortgage. In countries where the demand for home ownership is highest, strong domestic markets have developed, notably in Spain, the United Kingdom, and the United States.
