Here is a little history on the mortgage.
A gage is a medieval financial instrument. There were two primary types: a vif-gage and a mortgage.
A gage is a pawn, pledge, or pignus (L.).
A vif-gage would be assumed to be some income producing asset; therefore, the asset would eventually pay off the debt from its profits.
A mortgage is where the asset does not pay off the debt; therefore, the borrower has to cough up the principal. The creditor gets all the profits. This was presumed to be akin to usury during that time.
A mortgage is a secured debt. The house and land are the security for the loan.
The mortgage note is the bond. The mortgagor is the issuer. The mortgagee is the creditor.
In the past, the title to the security was transferred to the creditor until discharged. Once discharged, the borrower has the right of redemption.
Today, a lien takes the place of the transferal of title.
In sum, a mortgage is a pledge. Pledging is bad news generally.