 Therefore, a mortgage is an encumbrance (limitation) on the right to the property just as an easement would be, but because most mortgages occur as a condition for new loan money, the word "mortgage" has become the generic term for a loan secured by such real property.As with other types of loans, mortgages have an interest rate and are scheduled to amortize over a set period of time, typically 30 years.All types of real property can be, and usually are, secured with a mortgage and bear an interest rate that is supposed to reflect the lender's risk.