Bidens use Delaware homes as ATM, refinancing 35 times with loans totaling $6M: report

Despite being reportedly worth upwards of $10 million, President Joe Biden and First Lady Jill Biden have refinanced their Delaware home multiple times over the last few years.

The constant refinancing has raised questions about the fast cash provided by the renegotiated loans on the Delaware properties which the Daily Mail noted occurred “an astonishing 35 times.”

Since 1975, the Bidens have lived in two houses in Delaware with their first property in Wilmington being sold in the 1990s. The couple reportedly secured a “new mortgage or credit deal on both homes every 17 months,” according to the outlet.

“Over the decades the Bidens have borrowed a total of $6 million on both properties – and there’s still an outstanding $541,000 mortgage on their current three-bed, 4.5-bath Wilmington mansion nearly three decades after they bought it,” the Daily Mail noted.

“According to the mortgage documents, the president and first lady purchased their current four-acre lot for $350,000 in March 1996 but have since saddled it with 20 different home credit agreements and mortgages totaling $4.23million,” the report continued. “Their previous five-bed, 2.5-bath home in the same town was purchased for $185,000 in 1975 – and sold controversially for $1.2million in 1996.”

That property had an eyebrow-raising total of 15 mortgages and lines of credit associated with it.

One finance expert told the media outlet, “It doesn’t make a lot of sense unless they were desperate for cash.”

A summer home in Rehoboth Beach, however, had no mortgage and was reportedly purchased for cash in 2017 for $2,744,001, Sussex County public records revealed.

The Daily Mail alleged that the data implies the Bidens “have needed money fast – and have used their homes’ equity as the main source of credit over the years.”

“However, Biden, a career politician, and Jill, a college professor, are estimated to be worth around $10 million, and additional financial records show the couple pulled in an income of $620,000 in 2023,” the outlet noted, citing released income tax records which show their combined income in 2023 was $619,976 with $146,629 paid in federal taxes.

An Office of Government Ethics form revealed the mortgage debt and the fact that the president has earned no royalties on his two books this year, “Promises to Keep” and “Promise Me, Dad.”

“I don’t understand why anyone would view their home as an ATM. Constantly pulling money out of your home,” LA realtor Tony Mariotti told the Daily Mail.

“I understand to some that equity can feel like dead money that’s sitting there doing nothing, but over time, mortgage fees really add up,” he added.  “I’ve always preferred the view that paying off a mortgage over time is a forced savings account that bears modest interest.”

For nine years up to July 2012, the Bidens reportedly secured six separate home equity credit agreements, all with the same bank.

“Many of these lines of credit deals lasted just a few months, before being paid off, then the Bidens moved onto the next refinance deal,” the outlet reported.

Their first home went through 13 different home loans and two credit agreements before being sold to the vice chairman of credit card company MBNA for what was described by the outlet as an “inflated selling price of $1.2 million.” Nearly three decades after that sale, the realtor site Redfin says the home is now worth just $1.6 million.

Notably, Biden’s son Hunter was hired by MBNA that year, 1996, and soon went on to become a senior vice president with the company.

Frieda Powers

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