A recent investigation by DailyMail.com has uncovered a pattern of frequent mortgage refinancing by President Joe Biden and First Lady Jill Biden on their Delaware properties. Over the decades, the Bidens have utilized their homes as a source of credit, refinancing approximately every 17 months. This practice has resulted in a total of 35 mortgage and credit agreements on their properties, raising questions about the financial management strategies of the First Couple.
Joe Biden’s property history in Wilmington, Delaware, dates back to 1975 when he purchased his first home for $185,000. This five-bedroom, 2.5-bath residence, which was sold in 1996, had a total of 15 mortgages and lines of credit attached to it.
Their current main residence, a three-bedroom, 4.5-bath mansion, was bought for $350,000 in 1996. Despite its long tenure, the property still carries an outstanding mortgage of $541,000 and has been refinanced to the tune of $4.23 million over the years. Additionally, the Bidens own a summer home in Rehoboth Beach, acquired for $2,744,001 in 2017, which was a cash purchase and remains mortgage-free.
The frequent refinancing practices of the Bidens have raised eyebrows, particularly given their reported net worth of around $10 million and a combined income of $620,000 in 2023. Financial experts and real estate professionals have expressed skepticism about the necessity of such frequent cash extractions from home equity.
Tony Mariotti, a Los Angeles realtor, criticized the practice of using homes as ATMs, arguing that it leads to significant mortgage fees over time. He suggested that a more prudent financial approach would view mortgage payments as a form of enforced savings that accrue modest interest.
