Jeff-
A mortgage is a loan that is secured by the property bought using the loan. A marine mortgage is secured by a lien against the boat. A home mortgage is secured by a lien against the home. There is nothing in the definition of a mortgage that requires it to be real property. As a secured loan, they tend to have better interest rates than personal loans, which are not secured.
Quote:
mortgage
noun 1. a conditional conveyance of property as security for the repayment of a loan
verb 1. put up as security or collateral
WordNet® 3.0, © 2006 by Princeton University.
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Sailingdog
Telstar 28
New England
You know what the first rule of sailing is? ...Love. You can learn all the math in the 'verse, but you take
a boat to the sea you don't love, she'll shake you off just as sure as the turning of the worlds. Love keeps
her going when she oughta fall down, tells you she's hurting 'fore she keens. Makes her a home.
—Cpt. Mal Reynolds, Serenity (edited)
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