Mortgages are a type of loan that allows individuals to purchase a home or other real estate. They are secured by a lien, which is a legal claim against the property that serves as collateral for the loan. Mortgages are typically long-term loans, with repayment periods ranging from 10 to 30 years. The lender holds the lien until the loan is paid off in full. If the borrower defaults on the loan, the lender can foreclose on the property and take possession of it.