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)?