The Bidens Used Delaware House as Collateral for 20 Separate Loans Totaling $4.2 Million: Report

Reportedly, President Joe Biden and First Lady Jill Biden used their diverse Delaware real estate assets as a personal bank account for many years, taking out several mortgages and refinancing a staggering 35 times. The scheme began in the late 1970s, not long after Joe and Jill tied the knot. According to the Daily Mail, the two have arranged new credit or mortgage terms almost every 17 months. There are questions because of the constant refinancing.

As per the outlet, the Bidens have taken out loans totaling $6 million on the two residences throughout the years; over three decades after they purchased their current three-bedroom, four-bath Wilmington mansion, there is still an outstanding $541,000 mortgage on it. The Bidens' claimed net worth of $10 million begs the issue of why they need a steady stream of more funding given their ongoing refinancing. A finance expert told the outlet, "It doesn't make a lot of sense unless they were desperate for cash."

The president and first lady bought their present four-acre land for $350,000 in March 1996, according to the mortgage paperwork, but since then, they have burdened it with twenty separate mortgages and home credit agreements totaling $4.23 million. Their previous house, which had five bedrooms and 2.5 bathrooms and was located in the same town, was bought for $185,000 in 1975 and controversially sold for $1.2 million in 1996.

According to records, there were 15 mortgages and credit lines associated with the property before it was sold. The expert added, "Over time, mortgage fees really add up. Paying off a mortgage… is like a forced savings account that bears modest interest." As per public records in Sussex County, the Bidens also own a vacation home near Rehoboth Beach, which they purchased in June 2017 for $2,744,001. But the property is free of mortgages; it was purchased with cash. 

Based on property data, it seems that the president and his wife have had financial hardships and have relied on equity in their residences as their primary source of credit through time. Between 1978 and 1994, the Bidens racked up $1.72 million in debt between 13 loans and two credit agreements, according to official documents. The pair also took out a slew of mortgages and construction loans after relocating to Wilmington in the '90s. And that wasn't all.

The borrowing spree continued till 2014, as per The New York Post, using a number of financial institutions, such as Beneficial National, Chase Manhattan, Wilmington Savings Fund Society, Commerce Bank, TD Bank, and Beneficial National, to borrow between $350,000 to $850,000 that make up their overall liabilities. The family's financial plan was also called into doubt by this avalanche of borrowing. However, the couple still have a combined income of $620,000 (reported in 2023) coming mostly from their work and assets.