Status:Closed    Asked:Jul 09, 2015 - 09:02 AM

if homeowner has home equity loan but no primary/traditional mortgage, is mortgage variable coded as "3" or "1"?

I am trying to determine how a respondent is coded if they are a home owner with a home equity loan that is not a traditional/primary mortgage. For mortgage2 variable, I understand it is only asked if a first mortgage exists (i.e., mortgage coded as "3" or "4").

How is a person coded if they have paid off their primary/initial mortgage, but take out a home equity loan for, say, $10,000. Thus, making the $10,000 the only encumbrance- but not a mortgage in the traditional sense. Would mortgage be coded as "1" or "3" (or something else)?

Thank you.

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Staff Answer




Respondents are instructed to consider the term "mortgage" as including all types of loans secured by real estate. Therefore, respondents with a home equity loan should be coded as MORTGAGE="3:Yes, mortgaged/deed of trust or similar debt". Also notice that in the similar variable OWNERSHP, the questionnaire text specifically mentions home equity loans, in contrast to owning a home free and clear.

Hope this helps.


Jul 09, 2015 - 10:02 AM

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