President Joe Biden has taken out a substantial home equity loan against his vacation property in Rehoboth, according to his annual financial disclosure released by the White House. The Bidens borrowed between $15,000 to $50,000 last year against a line of credit with a variable interest rate of prime plus 1.99%, and have since borrowed more, now owing between $100,000 to $250,000. The White House did not provide a reason for the increased borrowing. Further, the Bidens also have a 30-year mortgage on their main home with an outstanding balance of between $250,000 and $500,000, as well as other debts ranging from $25,000 to $65,000.
In addition to their real estate holdings, the Bidens have non-real estate assets valued between $1 million and $2.6 million, with a significant portion in cash. They also have a variable annuity worth more than $135,000 and several life insurance policies valued between $62,000 and $230,000. Forbes estimated Joe Biden’s net worth at $10 million in April 2024, primarily derived from his two homes valued at around $7 million combined. His retirement savings are tied up in a government pension paying him about $250,000 a year, along with an IRA and a retirement plan from his previous teaching position.
President Biden’s income from book royalties is minimal, totaling less than $400 from two books, while First Lady Jill Biden receives income from teaching at Northern Virginia Community College and royalties from three books. The couple did not report receiving any gifts, unlike Vice President Kamala Harris who disclosed receiving concert tickets from Beyoncé. Biden’s main opponent, former President Donald Trump, requested an extension to file his financial disclosure, with the deadline now set for July 1.
Inflation has not spared President Biden, as the variable interest rate on his home equity loan means he is paying more to borrow money. However, his financial disclosure reveals a substantial net worth, mainly tied to his real estate holdings. As the presidential race heats up, both Biden and Trump are under scrutiny for their financial dealings and assets. Despite his wealth, Biden’s minimal income from book royalties highlights the challenges faced by many Americans in today’s economy, where inflation is taking a toll on borrowers and consumers alike.
The financial disclosure of the Bidens sheds light on their various debts, assets, and sources of income. It underscores the complexities of managing personal finances, even for those in top government positions. With inflation affecting borrowers and consumers across the country, President Biden’s experience with rising interest rates on his home equity loan resonates with many facing similar challenges. As the 2024 election approaches, voters will undoubtedly scrutinize the financial profiles of both candidates to assess their ability to navigate economic uncertainties and lead the nation effectively.
