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The word is a Law French term meaning "dead pledge," originally only referring to the Welsh mortgage (see below), but in the later Middle Ages was applied to all gages and reinterpreted by folk etymology to mean that the pledge ends (dies) either when the obligation is fulfilled or the property is taken through foreclosure. [1]
The word mortgage is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure. [2]
Sources. Average US Mortgage Debt Increases to $244,498 in 2023, Experian.Accessed July 18, 2024. 2024 Wills and Estate Planning Study, Caring.Accessed July 18, 2024.
Consider mortgage protection insurance – If you can’t afford or can’t get approved for traditional life or disability insurance, you can take out mortgage protection insurance (MPI) to ...
Accordingly, upon the grant of a mortgage, the mortgagee would come into possession of the land - if the income arising from the land paid down the mortgage debt it was referred to as a live pledge (or vivum vaidum) but if the mortgagee simply took those proceeds and the debt was unchanged it was called a dead pledge (originally a mortuum ...
Mortgage protection insurance is an insurance policy that pays off the remainder of your mortgage if you pass away or if you become disabled and can’t work. In that way, it functions similarly ...
The word mortgage is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure. A mortgage can also be described as "a borrower giving consideration in the form of a collateral for a benefit ...
The mortgage (or deed of trust). This is the document that serves as security for the loan. This is the document that serves as security for the loan. It conveys the property to the mortgagor ...