Past tense of amortise; gradually repaid over time through regular payments.
From amortise (Old French amortir from Latin ad- + mors). The past tense form indicates a completed process of debt repayment.
Once a mortgage is 'amortised'—meaning fully paid off—the debt has been brought to its death, and you finally own your house, which explains why paying off a mortgage feels like such a victory.
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