10/31/2023
💀 In the spirit of Halloween, let’s explore the surprisingly spooky history behind the term “mortgage.”
The word mortgage contains roots from two Latin terms – “mortuus” meaning dead, and “gage” meaning pledge. So, a mortgage is literally a “death pledge” – not at all ominous, right?
But it’s not necessarily quite as dark and broody as it might sound on the surface. When the term originated somewhere around Medieval England, a mortgage was a pledge to repay your loan until the debt was either fulfilled or defaulted on – so, not exactly named as a loan that could kill you, per say.
When all payments were made, the pledge “died” as the obligation was over. But if you missed payments, the pledge also “died” because penalties kicked in, like the lender seizing your home.
So you were pledging yourself to regularly pay back the mortgage until your pledge essentially died – either through fulfilling it or having harsh consequences for defaulting.
Thankfully, today we don’t have debtors’ prisons for missed mortgage payments – although current rates may seem equally as scary. 😱
Some ghoulish figures out there may say there’s no escaping doom, but with the right help, the process doesn’t have to be terrifying. I have many options to make your mortgage manageable, no matter the market’s tricks.
While we can’t change the ancient history of the word, we can take the terror out of mortgages today. I’m here for you, whether buying your first home or navigating renewals.
👻This Halloween, don’t let the ghosts of mortgages past frighten you! Together, we’ll tame any interest rate gremlins and make home financing less scary.
Now who wants some candy?! 🍭 🍫
