According to America Heritage dictionary meaning of mortgage is;
i) A temporary, conditional pledge of property to a creditor as security for performance of an obligation or repayment of a debt.
II) A contract or deed specifying the terms of a mortgage.
III) The claim of a mortgagee upon mortgaged property.
It has been further elaborated in Canadian Real Estate Encyclopedia A mortgage is claim /encumbrance upon the real property given by the owner of the property the lender a security for money borrowed and typically registered in the applicable provincial land registration system. Borrower is known as mortgager and lender is mortgagee. Lender, for example the bank lends money and register mortgage against the property. The borrower gives mortgage as security for the loan and receives funds.