President Joe Biden and First Lady Jill Biden have used their Delaware real estate holdings as a significant financial resource, refinancing their properties 35 times, according to a recent report.
The Bidens, with an estimated net worth of $10 million, have borrowed approximately $6 million through these frequent refinances. This practice, dating back to the late 1970s shortly after their marriage, involved negotiating new mortgage or credit deals roughly every 17 months, as reported by the Daily Mail. The frequent refinancing has raised questions about their financial strategy.
“It doesn’t make a lot of sense unless they were desperate for cash,” a finance expert commented.
The President faces scrutiny over these financial maneuvers, adding complexity to his family’s financial history.
Their current residence, purchased in 1996, still has an outstanding $541,000 mortgage nearly three decades later. Another significant property, a Wilmington home bought in 1975 for $185,000 and sold in 1996 for $1.2 million, had 15 mortgages and lines of credit before being sold to the vice chairman of MBNA, Delaware’s largest employer, which reportedly hired Hunter Biden that same year.
“Why would anyone view their home as an ATM?” asked LA realtor Tony Mariotti, founder of RubyHomes.com. “Over time, mortgage fees really add up. Paying off a mortgage… is like a forced savings account that bears modest interest.”
Records show the Bidens purchased their current four-acre property for $350,000 in 1996 and have since used it to secure 20 different home credit agreements and mortgages totaling $4.23 million. Their summer home in Rehoboth Beach, acquired in 2017 for $2.74 million, was a cash purchase with no mortgages attached.
Despite their substantial joint income of $620,000 in 2023, derived mostly from jobs and investments, the Bidens continue to carry significant debt. This includes the mortgage on their Wilmington home and an equity loan on the same property. Their total liabilities range between $350,000 and $850,000, while their assets are estimated to be between $1 million and $2.6 million.
Between 1978 and 1994, records indicate that the Bidens took out 13 home loans and two credit agreements totaling $1.72 million.
These revelations about the Bidens’ financial practices add a new dimension to the ongoing scrutiny of the President’s family finances, highlighting a complex and dynamic approach to managing their wealth over the decades.