A large sum of money that is loaned in order for someone to purchase a home. Though not required if you have lots of cash, it is quite common for a home owner to need to borrow to finance their home. Comes in a variety of flavors to suit the borrower: 20 yr, 30 yr, fixed, or ARM (adjustable rate morgage), etc. A morgage is also another form of modern slavery and gives a homeowner the illusion that he in fact owns the house he lives in, when in reality, the bank owns it and is just lending it to him until he moves and gets another morgage for another house in which the man may never live to fully own.
Renter: Hey what u doing?
Home Owner: Paying my morgage.
Renter: Sucker! I only pay half of that.
Home Owner: Yeah but I am slowly building up equity. What are you doing with your rent?
Renter: Paying some other guys morgage.