The history of the actual word “mortgage” is indeed very interesting. “Mort” came from the Latin work for death while “gage” is from the sense of such word which means a pledge to forfeit something of value when the debt is not repaid. Thus, mortgage literally means, “a dead pledge”. It was deal for 2 reasons – the property was forfeited to the borrower when the loan was not repaid, and the pledge itself was dead when the loan was repaid.
http://readtriviaonline.blogspot.com/2014/12/mortgage-dead-pledge.html
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