Hello everyone! Let’s discuss a hot topic that’s been making waves recently. Did you know that President Joe Biden and First Lady Jill have been using their homes almost like ATMs?
According to a DailyMail.com investigation, the Bidens have taken out multiple mortgages and refinanced their properties in Delaware an astonishing 35 times. Let’s break it down and see what this means.
🚨REPORT: Joe and Jill Biden have refinanced their Delaware properties 35 times, securing loans totaling $6 MILLION
Records show the Bidens have renegotiated a new mortgage or credit deal on both homes every 17 months
They have borrowed a total of $6 million on both properties,… pic.twitter.com/Q8RY9HK5tv
— Unlimited L’s (@unlimited_ls) June 24, 2024
The Bidens have lived in two homes in Delaware since 1975. Records show that they have a habit of negotiating a new mortgage or credit deal on these homes approximately every 17 months. Over the years, they’ve borrowed a total of $6 million on these properties, and there’s still an outstanding mortgage of $541,000 on their current Wilmington mansion nearly three decades after purchasing it.
This constant refinancing raises the question: Why do the Bidens, who reportedly have a net worth of $10 million, need a constant flow of extra cash? This revelation comes amid growing scrutiny of President Biden’s involvement in his son Hunter’s controversial business dealings with foreign entities.
Let’s take a closer look at the details. The Bidens purchased their current four-acre property for $350,000 in March 1996. Since then, they’ve taken out 20 different home credit agreements and mortgages totaling $4.23 million. Their previous home, a five-bedroom property bought in 1975 for $185,000, was sold in 1996 for $1.2 million. This home had 15 mortgages and lines of credit attached to it.
Interestingly, their summer home in Rehoboth Beach, which they bought in June 2017 for nearly $2.75 million, has no mortgages attached and was revealed to be a cash purchase. This suggests that while they needed cash flow for their Wilmington properties, their summer home was paid for outright.
Biden paid for his $3 million beach house in CASH. No mortgage. No loan. Cash. How did the poorest man in Washington get so rich? pic.twitter.com/yHmDYs4ZQ4
— Jesse Watters (@JesseBWatters) October 24, 2023
Despite being career politicians and educators, the Bidens’ financial records show a mixed bag. In 2023, they pulled in an income of $620,000, mainly from their salaries as president and a college professor. Additional income came from investments, pensions, and book royalties. However, recent financial forms reveal they have no royalties from Biden’s books this year.
Their reported assets range between $1 million and $2.6 million, while their liabilities are between $350,000 and $850,000. Most of their debt is tied to the mortgage on their Wilmington home and an equity loan on the same property.
According to Tony Mariotti, a real estate expert, using a home as an ATM by constantly refinancing isn’t wise. Over time, mortgage fees add up, and he suggests viewing mortgage payments as a forced savings account.
“I don’t understand why anyone would view their home as an ATM. Constantly pulling money out of your home,” he told DailyMail.com.
“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,” he continued.
So, why have the Bidens engaged in this pattern of refinancing? It could be a way to manage cash flow or take advantage of changing interest rates, but it certainly raises eyebrows, given their net worth and steady income. This financial strategy, coupled with ongoing questions about Hunter Biden’s business dealings, paints a complex picture of the first family’s finances.
