Mortgage
A loan to buy real estate, secured by the property, repaid with interest over years or decades.
A mortgage is a loan used to purchase property, with the property itself serving as collateral. You repay principal and interest over a term, commonly 15 or 30 years; early payments go mostly to interest, with principal making up a growing share over time (amortization).
In a financial plan, a mortgage is usually low-cost, tax-advantaged debt, which is why paying it off early is a genuine tradeoff rather than an obvious win — those dollars might earn more invested. Whether to pay it down or invest depends on the rate, your tax situation, and how much you value the guaranteed return and peace of mind of being debt-free. Either way, mortgage payoff is a milestone that reshapes retirement cash flow.
This definition is general information to help you understand a term, not financial, tax, or legal advice. Figures that change year to year (limits, thresholds, rates) should be confirmed against current official sources. For guidance on your situation, a licensed fee-only fiduciary is the right next step.