Joe Biden Reportedly Refinanced His Delaware Homes 35 Times Borrowing $6 Million — Expert Asks: 'Why Would Anyone View Their Home As An ATM?'

President Joe Biden and first lady Jill Biden have reportedly used their Delaware properties to secure numerous mortgages and refinanced them 35 times over the past few decades, borrowing $6 million. With an estimated net worth of $10 million, this extensive financial leveraging raises questions about their strategy.

This refinancing pattern began in the late 1970s, shortly after their marriage. According to a report by the Daily Mail, the couple has adjusted their mortgage or credit terms roughly every 17 months.

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These financial decisions come under scrutiny amid examinations of the President's family's financial activities. The Bidens' current home, bought in 1996, still has a $541,000 mortgage. Their previous home in Wilmington, purchased for $185,000 in 1975 and sold for $1.2 million in 1996, had 15 mortgages and lines of credit before being sold to the vice chairman of MBNA, Delaware's largest employer, which also employed Hunter Biden that year.

"Why would anyone view their home as an ATM?" asked Tony Mariotti, a Los Angeles realtor and founder of RubyHomes.com. "Over time, mortgage fees add up," Mariotti told the Daily Mail.

Mariotti highlights the substantial fees associated with mortgages, which can be significant. These fees include application fees, appraisal fees, credit check fees, and mortgage insurance. Mortgage origination fees can range from 0.5% to 1% of the total loan amount, translating to $1,500 to $3,000 for a $300,000 mortgage.

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The Bidens' financial records indicate that they bought their current four-acre property for $350,000 in 1996 and have since utilized it for 20 different home credit agreements and mortgages totaling $4.23 million. Their summer home in Rehoboth Beach was purchased in 2017 for $2.74 million, but it was bought without a mortgage.

Despite a joint income of $620,000 in 2023, mostly from salaries and investments, the Bidens continue to carry significant debt, primarily from the mortgage on their Wilmington home and an equity loan on the same property.

Their total liabilities range between $350,000 and $850,000, while their assets are estimated between $1 million and $2.6 million. From 1978 to 1994, the Bidens secured 13 home loans and two credit agreements totaling $1.72 million.

"Even as a kid in high school I'd been seduced by real estate," Joe Biden wrote in his 2007 autobiography, "Promises to Keep." Biden began buying homes — especially those that were outside his budget — in his twenties, taking out multiple mortgages and receiving loans against life insurance policies, according to a Town & Country article from 2021.

From a personal finance perspective, using home equity as a source of funds can be risky due to the potential for accumulating significant debt and incurring high fees. Homeowners should carefully weigh the costs and long-term implications of such financial decisions. 

Consulting a financial advisor could provide better alternatives, such as personal loans, retirement savings, or investment income, which might offer more favorable terms and reduce financial strain.

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