Derived from French “mort” and “gage” (literally “dead pledge” because it “dies” when settled), a mortgage secures a creditor’s claim and enables it to sell the bonded property if the debtor defaults in repaying the debt. In the context of a home loan, strictly speaking, “mortgage” refers to the mortgage bond agreement and to the … Continue reading Legal Speak Made Easy: “Mortgage”, “Mortgage Bond” and “Home Loan”: What’s the Difference?