Mortgage History

Most people must obtain financing when they decide to purchase of a home. Usually this takes form by means of a loan often referred to as a mortgage. But is a mortgage really
a loan or something else? According to Wikipedia "a mortgage is a method of using
property (real or personal) as security for the payment of a debt." so if you have already mortgaged your real estate it means you have to make over or pledge usually property by mortgage.  And if you are mortgaging it is simply making a pledge or stake.

Regardless of the terminology, a mortgage is not a new idea, a bit of mortgage history
will light the path to today. Back in the Bible days in the book of Nehemiah during a time
of scarcity, some people mortgaged their lands, vineyards and houses just to buy grain.
Did you also know that the word itself is derived from two smaller words. The word
 "mort" had the meaning of  "dead" and the word "gage" means a "pledge". This did not
  sound like something one would want to be involved with over the long haul.

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A dead pledge does not even sound remotely like a good thing, however the mortgage
history shows how this all fits together. Because any profits from the real estate or
property belonged to the lender or mortgagee until the debt was paid. Thus rendering
any potential income "dead" to the owner or mortgagor, and I am sure this would have
also been quite the incentive to repay as quickly as possible.

However, today the concept  of a mortgage has changed which I am sure we can all appreciate. Now a days we tend to think of this term as a long term loan that we have
chosen to undertake for the privilege of owning a home, and sometimes for investing in a piece of real estate. Some people also have an interest in taking out a loan so they may purchase property to flip for a profit. I hope you have enjoyed this brief jaunt down
mortgage history lane.