"A la mort" to the french is "to the death" in English. In the case of mortgage in might as well read "to the debt". "Gage" to the french is "wage" or "bet" or "pledge" to the English.
"Je te gage a la mort" is to the french what " I pledge you to the death" to the English.
A mortgage is a pledge where two parties enter a contract where a deal involving money or other financial assets is resolved when the debt is paid or when some other cause breaks the contract. Death might be considered another cause in some cases.
A person, usually an investment banker or an employee of a financial institution who writes the terms of the mortgage contract is considered the underwriter or creditor or lender. This is a position of risk and requires the mortgage underwriter to proceed cautiously with who he or she enters into a deal with.
The person who is looking to enter into a mortgage contract with a creditor such as the investment banker is considered to be the borrower. The lender makes the rules of the mortgage contract usually with adherence to some regulatory body and these rules of contract may include repayment of the debt by transferring private property or other assets owned by the borrower if he or she is unable to make good on the repayment of the debt.
The mortgage contract is legally binding and is legal tender meaning that underwriters can sell the debt to other financial institutions.
This matter of selling debt to other speculators is also risky business for all involved as was witnessed when the housing bubble burst in the recent past.
To the debt we pledge to make good on our contract.
Sounds morbid but it is the meaning of the word mortgage.
There are several types of mortgages so shopping for a home and finding the best mortgage at the best rate can be a stressful matter.
When meeting with a lender the person looking for a new home might come across terms that give different meanings or different parameters to the word mortgage.
Some of these words include :
- open
- closed
- split
- multi rate
- protected variable rate
- capped variable rate
- and even mortgage insurance
Choosing the right " bet to the death" for you might save you a lot of money in the long term. Choosing the right mortgage broker who works in a solid financial institution that is just part of the home buying planning stage and it is all a part of what seems like a big morbid plan.
But it isn't.
Words are an art form. At times they are art imitating life or debt in the case of the word mortgage.
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