Image Credit : Jill Biden poses for a portrait in the White House Rose Garden on May 23, 2021. (Photo by Official White House Photo by Adam Schultz)
According to the Daily Mail, the Bidens have lived in two houses in Delaware since 1975, when Biden purchased his first property in Wilmington. This property was later sold in the late 1990s. However, records obtained by the Daily Mail indicate that the couple has a pattern of negotiating a new mortgage or credit deal on both homes every 17 months on average.
Over the years, the Bidens have borrowed a total of $6 million on both properties, and there is still an outstanding mortgage of $541,000 on their current three-bedroom, 4.5-bathroom Wilmington mansion, almost three decades after they purchased it. This constant refinancing raises questions about why the Bidens, who reportedly have a net worth of $10 million, needed a continuous flow of extra cash.
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A finance expert told the Daily Mail, "It doesn't make a lot of sense unless they were desperate for cash."
The documents obtained by the Daily Mail show that the president and first lady purchased their current four-acre lot for $350,000 in March 1996. However, they have since burdened it with 20 different home credit agreements and mortgages totaling $4.23 million.
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Their previous home, a five-bedroom, 2.5-bathroom house in the same town, was purchased for $185,000 in 1975 and sold controversially for $1.2 million in 1996. Records show that this property had a total of 15 mortgages and lines of credit attached to it.
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In addition to these properties, the Bidens also own a summer home in Rehoboth Beach, which they purchased in June 2017 for $2,744,001. This property has no mortgages attached to it and was revealed last year to have been a cash purchase.
The property data suggests that President Biden and his wife have needed money quickly over the years and have used their homes' equity as the main source of credit.
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Despite this, Biden, a career politician, and Jill, a college professor, are estimated to be worth around $10 million. Additional financial records show that the couple earned an income of $620,000 in 2023.
The first couple released their tax returns in April, revealing that their combined income was $619,976 last year, and they paid $146,629 in federal taxes. Biden and his wife earned four-fifths of their income from their jobs as president and teacher at Northern Virginia Community College, respectively. Additional money came from interest on investments, pensions, and a pass-through entity that collects book royalties.
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However, according to other financial forms from Joe Biden, the president has had no royalties from his two books: 'Promises to Keep' and 'Promise Me, Dad' this year.
Financial records from the Office of Government Ethics last month revealed that most of the couple's debt is the mortgage on their Delaware home and an equity loan on that property. Their debt also consists of a term loan of about $15,000 and a loan against a mutual fund for about $50,000.
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In total, the Bidens reported assets between roughly $1 million and $2.6 million and liabilities between roughly $350,000 and $850,000, according to the documents.
Tony Mariotti, the founder of luxury real estate company RubyHomes.com, criticized the couple's financial strategy, telling the Daily Mail, "I don't understand why anyone would view their home as an ATM. Constantly pulling money out of your home. 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. I've always preferred the view that paying off a mortgage over time is a forced savings account that bears modest interest."
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The Bidens' financial history reveals a pattern of frequent refinancing and borrowing against their homes. They took out two construction home loans in 1997 totaling $899,900 to build their current property from scratch. They then borrowed a further $134,070, $550,000, and $94,450 over the course of six months from November 1997 to May 1998 with two different banks - Beneficial National and Chase Manhattan Mortgage Corp.
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Before these three loans were all paid off in August 2003, they took out another $143,600 mortgage and negotiated three credit facility agreements for $30,000, $35,000, and $80,000 - all with Commerce Bank.
They cancelled all of this debt by October 2003. However, by then, they had just taken out a $649,000 mortgage with Wilmington Savings Fund Society and a separate $99,000 line of credit with the same bank. Over the next nine years up to July 2012, they had six separate home equity credit agreements with the same bank - $149,000, $10,000, $45,000, $95,000, and $115,000.
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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. Their final agreements were two lines of credit with TD Bank for $260,000 and $300,000 in January 2013 and February 2014 respectively, the former only paid off in December 2018. Yet one more mortgage remains - a $541,150 loan with TD Bank issued on January 28, 2013.
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The Bidens' first property, which was sold controversially to the vice chairman of credit card company MBNA, at the time the largest employer in Delaware, who donated a maximum $2,000 to his senate re-election. The Daily Mail reported in October last year that it appeared to be for an inflated selling price of $1.2 million, as it's now worth only $1.6 million according to realtor site Redfin, 28 years on. Also that year of 1996, Biden's son Hunter was hired by MBNA and went on to become a senior Vice President.
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For that property, they took out 13 different home loans and two credit agreements from June 1978 to May 1994 totaling $1.72 million. They used Artisans' Bank, Delaware Trust Company, which was acquired by Wells Fargo, and borrowed $50,000 from one individual, George D Herrmann Jr, in December 1986. It's not known what connection he has with the Bidens.
