What is "mortgaging"

Mortgage \Mort"gage\, v. t. [imp. & p. p. Mortgaged; p. pr. & vb. n. Mortgaging.]

1. (Law) To grant or convey, as property, for the security of a debt, or other engagement, upon a condition that if the debt or engagement shall be discharged according to the contract, the conveyance shall be void, otherwise to become absolute, subject, however, to the right of redemption.

2. Hence: To pledge, either literally or figuratively; to make subject to a claim or obligation.

   Mortgaging their lives to covetise.
   --Spenser.

   I myself an mortgaged to thy will.
   --Shak.

n. The act by which something is mortgaged. vb. (present participle of mortgage English)