UNMORTGAGED Meaning and
Definition
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The term "unmortgaged" refers to a property or asset that is not encumbered by a mortgage. It represents a state in which the owner of the property has full legal ownership and control without any outstanding debt or obligations in the form of a mortgage.
In the context of real estate, an unmortgaged property is completely owned by the individual or entity without any liens or claims against it by lenders or financial institutions. This means that the owner has the liberty to make decisions regarding the property, such as selling, transferring ownership, or renting it out, without any restrictions from a mortgage agreement.
Having an unmortgaged property provides various advantages to the owner. Firstly, it offers financial independence, as they are not burdened with monthly mortgage payments or interest rates. Additionally, an unmortgaged property can be an attractive asset for lenders or investors, as it serves as collateral in securing loans or lines of credit.
Overall, the term "unmortgaged" signifies the absence of a mortgage on a property, indicating a clear and unrestricted ownership status. It represents a valuable asset that can be fully utilized by the owner according to their preferences and needs.
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Not pledged in security for the payment of a debt.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
Common Misspellings for UNMORTGAGED
- ynmortgaged
- hnmortgaged
- jnmortgaged
- inmortgaged
- 8nmortgaged
- 7nmortgaged
- ubmortgaged
- ummortgaged
- ujmortgaged
- uhmortgaged
- unnortgaged
- unkortgaged
- unjortgaged
- unmirtgaged
- unmkrtgaged
- unmlrtgaged
- unmprtgaged
- unm0rtgaged
- unm9rtgaged
Etymology of UNMORTGAGED
The word "unmortgaged" is formed by combining the prefix "un-" meaning "not" or "opposite of", and the verb "mortgage", which comes from the Old French term "mort gage", meaning "dead pledge". The term originated in medieval England, where landowners would transfer certain rights to a lender to secure a loan. This transfer was viewed as a pledge that would be "dead" or void if the loan was repaid. Over time, the verb "mortgage" came to be associated with the act of pledging property as security for a loan. By adding the prefix "un-", the meaning is negated, resulting in "unmortgaged", which refers to something that is not subject to a mortgage or loan.
Similar spelling words for UNMORTGAGED
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