Bidens slammed as report says pair refinanced Delaware home 20 times, raking in $4.2M from $350K property

GREENVILLE, DELAWARE: President Joe Biden and First Lady Jill Biden are believed to have used their Delaware real estate holdings as a personal ATM for several years, taking out multiple mortgages and refinancing a staggering 35 times, as per a report.

The pair, who reportedly have a $10 million net worth, apparently borrowed $6 million against their properties over the years, as reported by the New York Post.

President Joe Biden's former Wilmington home had 15 mortgages and credit lines attached to it when he sold it in 1996

The scheming began in the late 1970s, shortly after the couple tied the knot. According to the Daily Mail, the two have arranged new credit or mortgage terms almost every 17 months. 

A finance expert told Daily Mail, "It doesn’t make a lot of sense unless they were desperate for cash."

The disclosures heighten the sense of mystery as the POTUS faces scrutiny over his family's financial history. Records reveal that the Bidens still owe $541,000 on their current house, a mansion purchased in 1996.

The president's former Wilmington residence was purchased for $185,000 in 1975 and sold for $1.2 million in 1996. It had 15 mortgages and credit lines attached when it was bought by the vice chairman of MBNA, Delaware's largest credit card company, which also employed First Son Hunter Biden in 1995.

Talking to the Daily Mail, Tony Mariotti, a Los Angeles realtor and founder of RubyHomes.com, remarked, "Why would anyone view their home as an ATM? Over time, mortgage fees really add up. Paying off a mortgage… is like a forced savings account that bears modest interest."

According to records, the Bidens paid $350,000 for their present four-acre property in 1996, and they have subsequently leveraged it by taking out 20 mortgages and home credit agreements totaling $4.23 million.

Their other noteworthy asset is a $2.74 million summer house in Rehoboth Beach that they paid cash for without taking out a mortgage.

The excessive borrowing raises concerns about the family’s financial plan. The Bidens continue to enjoy a sizeable income, with a combined income of $620,000 reported in 2023, coming primarily from their jobs and investments.

Having said that, the couple’s financial records reveal that they still carry significant debt, namely the mortgage on their Wilmington home and an equity loan on the same property. Their total liabilities are said to be between $350,000 and $850,000.

Internet reacts to report claiming that the Bidens used their many Delaware real estate holdings as a personal ATM for years

Netizens were surprised to learn how the Bidens used their Delaware properties for quick cash, leading them to bash the couple. 

One wrote, "Taxpayers paid for the upgrades like fencing," and another declared, "It’s called Money Laundering."

A person stated, "Damn those must be some seriously high payments. Wonder how he’s paying those on a lifetime government salary," whereas someone else said, "Sounds like fraud."

"Hunter was paying the mortgage payments with the money he got from China, and Ukraine while Joe was cashing out," claimed a person. 

This article contains remarks made on the Internet by individual people and organizations. MEAWW cannot confirm them independently and does not support claims or opinions being made online.