What is a Mortgage?
“The term mortgage refers to a loan used to purchase or maintain a home, land, or other types of real estate. The borrower agrees to pay the lender over time, typically in a series of regular payments that are divided into principal and interest.” – Investopedia
Mortgages are often obtained if you do not want to pay the entire purchase price of the real property upfront. It is paid back over time, with interest, until such time that you are able to own the property clear.
Until the loan has been fully paid back, the purchased property and its documents will have a lien. This means that if you are unable to make payments on the property, the one you borrowed the money from can foreclose on your property.
What are Unsecured Debts ?
Unsecured debt is defined as money that a person borrows without the need to give an asset to ensure that the money borrowed is paid back.
This means that a person who obtains an unsecured debt does not need to give any property or asset to the lender to serve as collateral for the money borrowed.
If you are unable to meet the payments for unsecured debt, the lender cannot foreclose on any asset you may have.
If we take the definition of a mortgage, where the real property serves as the collateral or security for the amount of money borrowed from a financial institution, mortgages CANNOT be an unsecured debt.
Mortgages are often secured by the real property that you have purchased, and you do not own the property completely until the debt is paid.
Unsecured debts are often smaller in amounts, such as credit card bills, student loans, and utility bills. Unsecured debts cannot be foreclosed upon as there is no asset that can be taken by the lender.
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