A house mortgage is security or a pledge of property for a loan of money. Most fist time home buyers need a loan to afford a home. Lenders hold a mortgage on each home loan which gives them the right to foreclose or take possession of the property should the borrower default on the loan. The borrower gets to live in the house and makes monthly payments and reaps any profit from appreciation when the house is sold. Most people would not be able to enjoy the benefits of home ownership without mortgages. They would be forced to save for a lifetime to buy a home. When the borrower pays off the mortgage the lender will mail the document to the homeowner. For years many people would burn the mortgage document in ceremonious celebration, hence the term; 'burning the mortgage.'