Basic Details
Word: Mortgage
Part of Speech: Noun
Meaning: A loan used to buy a home, where the home itself is used as security for the money borrowed.
Synonyms: Loan, advance, pledge
Antonyms: Payment, gift
Idioms and Phrases
- Under mortgage: Referring to a property that is financed by a loan. Example: "The house was under mortgage, so they couldnt sell it easily."
- Mortgaged to the hilt: Having borrowed as much as possible on a mortgage, often to cover debts. Example: "After investing in multiple properties, they were mortgaged to the hilt."
Usage Examples
Example 1: They decided to take out a mortgage to purchase their first home together.
Example 2: It is important to shop around for the best mortgage rates before choosing a lender.
Example 3: After several years of making payments, they finally managed to pay off their mortgage.
Fun Fact
The word "mortgage" comes from the Old French words "mort," meaning "dead," and "gage," meaning "pledge." This reflects the idea that the pledge ends (or dies) once the debt is paid off.
Famous Quote
"The best way to pay for a home is to buy it outright; the second best way is to mortgage it." - H.W. Edwards
Multiple Choice Questions (MCQs)
1. What does "mortgage" mean?
a) A type of savings account
b) A loan to buy a home
c) An insurance policy
d) A rental agreement
Answer: b) A loan to buy a home
2. Which of these is a synonym of "mortgage"?
a) Loan
b) Rent
c) Sale
d) Deposit
Answer: a) Loan
3. Which of the following is an antonym for "mortgage"?
a) Credit
b) Gift
c) Investment
d) Transfer
Answer: b) Gift
4. Which sentence uses "mortgage" correctly?
a) She added a new room to her mortgage.
b) He worked hard to pay off his mortgage every month.
c) They were excited to mortgage their pizza.
d) The cat sat on the mortgage.
Answer: b) He worked hard to pay off his mortgage every month.
5. What does "mortgaged to the hilt" mean?
a) To be very relaxed about money
b) To have borrowed as much as possible on a mortgage
c) To inherit a free house
d) To lend money to someone
Answer: b) To have borrowed as much as possible on a mortgage
