afborgunum

afborgunum is a term in Icelandic that translates to "paid off" or "redeemed." It typically refers to the completion of a debt or financial obligation. When something is afborgunum, it means that all payments have been made, and the debt no longer exists. This can apply to various financial instruments such as loans, mortgages, or credit card balances. The concept signifies financial freedom from a particular liability.

The process leading to afborgunum involves consistent payments over a period of time, as stipulated in the original agreement. Once the final payment is made, the borrower or debtor achieves a state of being afborgunum. This often comes with the release of any collateral or security that was tied to the debt. For example, a mortgage being afborgunum means the property is fully owned by the homeowner, free from the lender's claim. The term emphasizes the finality of the repayment and the removal of financial encumbrance. It is a positive financial milestone.