## Etymology of the Word “Mortgage”
The term “mortgage” originates from two Old French words: “mort” (meaning “dead”) and “gage” (meaning “pledge”). The combination of these terms translates literally to “dead pledge.”
### Historical Context
In medieval France, when a debtor defaulted on a loan, the creditor would seize a piece of land from the debtor and hold it as collateral until the debt was repaid. This land was known as a “mort-gage,” representing a pledge that had become “dead” or void if the debt remained unpaid.
### Evolution of the Concept
The concept of a mortgage evolved over time, gradually shifting from a mere pledge of land to a legal instrument that granted the creditor a claim on the property until the debt was satisfied. This transition is evident in the following stages:
#### 1. Simple Pledge
Initially, a “mortgage” was simply a pledge of land as security for a debt. If the debt was not repaid, the land became the property of the creditor.
#### 2. Usufructuary Mortgage
In this type of mortgage, the creditor gained the right to use and occupy the mortgaged land while the debt remained unpaid. This gave the creditor a stronger interest in the property.
#### 3. True Mortgage
A true mortgage, as we know it today, arose when the creditor’s claim on the property became a lien, ensuring that the debt would be repaid even if the debtor defaulted.
### Latin Derivative
The Old French term “mort-gage” was eventually adopted into English, with its spelling slightly modified to “mortgage.” However, the Latin derivative “mortuum vadium” (meaning “dead pledge”) is still occasionally used in legal contexts.
### Other Languages
The term “mortgage” has been adopted into numerous other languages:
* Italian: ipoteca
* German: Hypothek
* Spanish: hipoteca
* Portuguese: hipoteca
* Japanese: mortgages (モーゲージ)
### Modern Usage
In contemporary real estate transactions, a mortgage is a legal agreement between a borrower (the mortgagor) and a lender (the mortgagee) that secures the repayment of a loan. The mortgage grants the lender a security interest in the mortgaged property, which is typically a house or other real estate.