To pay off a debt gradually through regular payments over time, or to write down the value of an asset across multiple years.
From Old French amortir, combining ad- (to) and mortis (death). The idea was that you 'kill' the debt by paying it off in pieces until it's completely gone.
Your parents' 30-year mortgage is one giant amortization—they're spreading one huge debt across 360 tiny payments so it doesn't destroy their bank account all at once.
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