Which financial instrument typically allows individuals to borrow money?

A mortgage is a financial instrument specifically designed for individuals to borrow money, typically used to purchase real estate. It is a secured loan, meaning that the property being bought serves as collateral, which reduces the lender's risk. Borrowers repay the mortgage over time, usually in monthly installments that include both principal and interest. This arrangement makes it possible for individuals to acquire significant assets, like homes, without needing to pay the full purchase price upfront.

In contrast, other options like a certificate of deposit and savings account are types of savings vehicles where individuals deposit money to earn interest, but they do not facilitate borrowing. A money market fund is an investment option that pools money to invest in short-term, low-risk securities and does not provide a mechanism for borrowing. Thus, the defining characteristic of a mortgage as a loan for purchasing property highlights why it is the correct answer to the question.