Source : Webster's Revised Unabridged Dictionary (1913)

Mortgage \Mort"gage\, v. t. [imp. & p. p. {Mortgaged}; p. pr. &
   vb. n. {Mortgaging}.]
   1. (Law) To grant or convey, as property, for the security of
      a debt, or other engagement, upon a condition that if the
      debt or engagement shall be discharged according to the
      contract, the conveyance shall be void, otherwise to
      become absolute, subject, however, to the right of
      redemption.

   2. Hence: To pledge, either literally or figuratively; to
      make subject to a claim or obligation.

            Mortgaging their lives to covetise.   --Spenser.

            I myself an mortgaged to thy will.    --Shak.

Source : WordNet®

mortgaged
     adj : burdened with legal or financial obligations; "his house,
           his business, indeed, his whole life was heavily
           mortgaged"