President Joe Biden and First Lady Jill Biden have reportedly used their Delaware real estate holdings as a personal cash machine, engaging in over 35 mortgages and refinancing deals, according to the Daily Mail. With a net worth of $10 million, the Bidens are said to have borrowed $6 million against their properties over several decades.
The Bidens’ mortgage activities reportedly began in the late 1970s
The Bidens’ mortgage activities reportedly began in the late 1970s, shortly after their marriage. The Daily Mail’s investigation reveals that the couple refinanced or negotiated credit deals approximately every 17 months, a frequency that has baffled finance experts. “It doesn’t make a lot of sense unless they were desperate for cash,” an expert commented.
The current Biden residence, a mansion purchased in 1996, still has an outstanding $541,000 mortgage nearly 30 years later. LA realtor Tony Mariotti questioned this strategy, stating, “Why would anyone view their home as an ATM? Over time, mortgage fees really add up.” Records show that the Bidens leveraged their $350,000 home with 20 different credit agreements and mortgages totaling $4.23 million.
The Bidens also own a summer home in Rehoboth Beach, purchased for $2.74 million in 2017 without a mortgage. Despite this, financial records indicate significant debt, including a mortgage and equity loan on their Wilmington home. The family’s total liabilities range from $350,000 to $850,000, while their estimated assets are between $1 million and $2.6 million.
Between 1978 and 1994, the Bidens reportedly sanctioned 13 home loans and two credit agreements totaling $1.72 million, further adding to the intrigue surrounding their financial dealings.
