Joe Biden and First Lady Jill have been using their homes as an ATM, taking out multiple mortgages and refinancing their Delaware properties an astonishing 35 times, a DailyMail.com investigation has revealed.
The president has lived in two houses in his home state since 1975, when he bought his first property in Wilmington that he later sold in the late 1990s.
But records obtained by DailyMail.com show the couple have had a habit of negotiating a new mortgage or credit deal on both homes every 17 months.
Over the decades the Bidens have borrowed a total of $6million on both properties – and there’s still an outstanding $541,000 mortgage on their current three-bed, 4.5-bath Wilmington mansion nearly three decades after they bought it.
The constant refinancing raises the question of why the Bidens, who have a reported net worth of $10million, needed a constant flow of extra cash.
‘It doesn’t make a lot of sense unless they were desperate for cash,’ a finance expert told DailyMail.com.
The revelation comes as questions grow about the president’s involvement in his son Hunter’s shady business dealings with Chinese oil giant CEFC and other foreign entities.
According to the mortgage documents, the president and first lady purchased their current four-acre lot for $350,000 in March 1996 but have since saddled it with 20 different home credit agreements and mortgages totaling $4.23million.
Their previous five-bed, 2.5-bath home in the same town was purchased for $185,000 in 1975 – and sold controversially for $1.2million in 1996.
