A monopoly is a game that needs a lot of knowledge about the rules and everything if you want to win. But things can be a lot more complicated than you might have thought before you decide to take on the game. A lot of players may be useful, but they might not have a proper grasp on everything. And one of the things that a lot of players seem to be confused about is a mortgage. If you are one of them, then keep reading to know how does mortgage work in monopoly.
What is Mortgage?
To make it simple for everyone to understand, a mortgage is known as an agreement. The agreement is between you and a lender (the bank). The lender will agree to provide you with money with the property you want to ‘mortgage.’
So, when the lender is providing you with the money, you need to pay them back the amount known as the mortgage money and a 10% percent of interest within a time limit. If you fail to provide them with the said items, the lender will take ownership of your mortgage property.
Mortgaging is a big part of the monopoly, and therefore every player should know how does mortgage work in monopoly.
Learn How Does Mortgage Work in Monopoly
When you are playing a monopoly game, there will come a time when you will be needed some extra cash. That is when you are going to mortgage a property.
What you are going to do is ask the banker for the amount of cash you need by offering a particular property mortgage.
What Sort of Property Can You Use for Mortgaging?
The property you are going to use for mortgage purposes has to be underdeveloped. By underdeveloped or undeveloped, it means it cannot have any houses or hotels in them. They are free of any incoming sources.
What Happens When Your Mortgage Your Property?
Now that you know how to start mortgaging your property, you cannot fully grasp how a mortgage works in monopoly as there are more things.
Once the mortgaging is done, if an opponent lands on that space, they do not have to pay for the rent to you.
But if they land on another property of yours with the same colored group, you will receive the same amount of bonus that you usually do or double depending on all the properties that have the same color.
How to Unmortgage Your Property?
If you wish to unmortgage your property, you need to have more cash on the game. Usually, you can do it later on the game and if only you are richer than before.
To unmortgage, you need to pay the banker the exact mortgage and a 10% interest.
What If You Fail to Pay the Price?
But in case if you go bankrupt and fail to fulfill the required agreement of mortgage, you will lose the ownership of the property. The bank or lender can now sell the property to another owner.
So, when someone wants to acquire a mortgaged property ownership, they will need to pay the mortgage price plus 10% of interest, and they will have the feature.
Also, they can only pay 10% of the mortgage price; they will become the mortgaged property owners. But the property will remain mortgage under the bank or lender. And later, if they want to unmortgage, they need to pay the real mortgage value with 10% interest.
And that is all you need to know to understand how does mortgage work in monopoly.