A mortgage is a type of loan specifically used to purchase real estate, such as a home or a piece of property. When someone takes out a mortgage, they borrow money from a lender, like a bank or a mortgage company, with the understanding that they will repay the borrowed amount over a set period of time, usually ranging from 15 to 30 years. The property being purchased serves as collateral for the loan, meaning that if the borrower fails to repay the loan as agreed, the lender has the right to seize the property through a process called foreclosure