Redemption

The roots of the word ‘mortgage’ mean something which is paid until complete. Some macabre definitions float around the internet including those which take the old French or Latin and read them in English, which is always a dodgy way to interpret languages. I saw ‘death-pledge’ being touted as one due to ‘mort’=death and ‘gage’=pledge, which sounds too simplistic.

Different countries also have other expectations about how to finance buying a house – I was surprised to learn in Turkey that colleagues of mine there would take a loan from the property developer, and repay in a matter of years rather than decades. I’ve always lived in countries where the loans are taken through financial organisations and paid over decades with low interest rates that compound because of the extreme length of time involved.

The process of removing this debt is called ‘redemption’ and is removal of the pledge-until-payment and release of the deeds which show title in ownership. While that is nice, it feels a little medieval and reminds me of the long history of land title and ownership. Real land reform is quite rare and has mixed outcomes, not always helping either the rural poor nor the lower classes. I do admire the land reforms in Scotland which include returning tracts of land to common or community ownership.

It is nice as I redeem my own house to learn of the different ways that governments and rulers – some quite surprising – have redistributed land and tried to encourage greater wealth and ownership.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s