Hollywood power couple Jennifer Lopez and Ben Affleck , commonly known as “Bennifer,” have reportedly taken out a million-dollar mortgage on their lavish Beverly Hills mansion, as exclusively revealed by The U.S. Sun . Initially believed to have purchased the property outright with a cash payment of $85 million in May, the couple seems to have opted for a colossal 30-year home loan from JPMorgan Chase Bank, according to contracts signed on August 31.
The luxurious mansion boasts 12 bedrooms, 24 bathrooms, an indoor sports complex, and an impressive parking space for 92 cars. The purchase was facilitated through a trust fund associated with their business managers, Gary Kress and Brian Murphy. The mortgage deal features an initial six-year interest-only period at a 5.5 percent rate, followed by an increase in the rate. The principal and interest payments are scheduled to commence in November 2033. Despite the significant loan, industry experts deem it a favorable arrangement, especially considering the current high mortgage rates.
Recent reports indicate that the average lending rate for a 30-year mortgage has reached a 22-year high of 7.31 percent. With their mortgage locked in at a lower rate, JLo, 54, and Ben, 51, seem to be making a strategic financial move. The decision aligns with advice from financial experts who advocate leveraging lower interest rates, especially given the couple’s substantial combined net worth.
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Prior to acquiring their current Beverly Hills mansion, Jennifer Lopez and Ben Affleck resided in JLo’s Bel Air home, purchased for millions in May 2016. The property is currently listed for 5.5 million. Records show that in September 2016, the Bel Air mansion secured a substantial mortgage of $1 million through JPMorgan Chase Bank, with Brian Murphy listed as the trustee.
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While the notion of high-profile celebrities taking on significant debt might seem peculiar, experts highlight the advantages of using equity from real estate, particularly with lower interest rates and potential tax benefits. Luxury Los Angeles realtor Tony Mariotti emphasized that such financial moves are common among the wealthy, offering flexibility in utilizing funds for various purposes, such as property investments, renovations, or financing projects.
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The financial decisions of Jennifer Lopez and Ben Affleck are reportedly guided by their business managers, Gary Kress and Brian Murphy, who maintain a low profile in the industry. As per the findings of The Hollywood Reporter , Kress and Murphy’s offices in Santa Monica are linked to numerous properties owned by influential figures in Los Angeles. While maintaining a discreet public presence, Kress is known for philanthropic efforts, enlisting the help of celebrity clients like Matt Damon and Mel Gibson for charitable causes. As the celebrity couple navigates the intricacies of their real estate and financial portfolios, their calculated decisions reflect a strategic approach to wealth management in the ever-evolving landscape of Hollywood luxury living.