History of Mortgages
Mortgages have been around for several centuries. It was first recorded as “morgage” in a work written before 1331 in England, taken from a French term mort for dead and gage for pledge.
Originally the purchaser of the land agreed to buy the land from the landowner, and would pledge the proceeds of his farming or business to the landowner in order to pay off the debt.
The concept of investing in mortgages is believed to date back to the 16th and 17th centuries. The investor would provide the funds for the purchaser to buy the real estate from the landowner. The purchaser would then make payments to the investor.
Today, most mortgages are provided by banks or similar institutions.
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