A mortgage is is used to secure real estate pledged as collateral for a loan.

A mortgage is is used to secure real estate pledged as collateral for a loan.

A mortgage is is used to secure real estate pledged as collateral for a loan.

A mortgage is is used to secure real estate pledged as collateral for a loan.

pledged loan -- A mortgage loan that has been identified and set aside as security for borrowing by the holder of the mortgage; particularly a loan that has been pledged as security for an advance from a Federal Home Loan Bank.

Pay it off.

You aren't getting rid of it (or the first mortgage) and keep the property that is pledged as security if that's what you mean.

An escrow account associated with a mortgage is an account that is maintained by the mortgage holder and funded by the mortgagee. Part of the monthly mortgage payment goes into this escrow account to pay for property insurance and property taxes.

An escrow account is a secondary fund associated with a mortgage that covers the cost of home insurance during the period of the mortgage. The homeowners' mortgage payments typically cover both the amount due on the mortgage payment as well as the amount due on the escrow account.