mortgagedadjective
uk/ˈmɔːɡɪdʒd/usFINANCE, PROPERTYa mortgaged property has been bought using a mortgage that has not yet been paid back, or used as security to borrow money:
A transfer of mortgaged property from joint names to one name is likely to incur a charge.
Each house is worth about £200,000 and neither is mortgaged.
heavily mortgaged
used to describe a person who has borrowed a lot of money to buy property, or the property itself:
Heavily-mortgaged families are unlikely to take on new challenges.
heavily-mortgaged properties/homes
mortgaged (up) to the hilt
having borrowed as much money as you possibly can to buy property:
If you are mortgaged up to the hilt, losing your job is a disaster.