President Joe Biden and his wife took out a home-equity loan on their vacation property in Rehoboth last year, according to their annual financial disclosure. The loan has a variable interest rate of prime plus 1.99%, and the Bidens have borrowed between $15,000 to $50,000 against the line of credit. They have since tapped into it further and now owe between $100,000 to $250,000. The White House did not provide an explanation for why the first family took out more cash.
Their largest liability remains the 30-year mortgage on their main home, which was signed in 2013 at a 3.375% interest rate. Their other debts include a term loan and loans against their life-insurance policies, totaling $25,000 to $65,000. The Bidens’ non-real estate assets are valued between $1 million and $2.6 million, with a significant portion in cash. Forbes estimated Joe Biden’s net worth at $10 million in 2024, mainly through his two homes worth around $7 million combined.
Biden’s retirement savings are primarily in a government pension that pays him about $250,000 annually, not included in the annual disclosure. He also has an IRA with $15,000 to $50,000 in cash and a retirement plan from his time teaching at the University of Pennsylvania valued at more than $15,000. The president reported less than $400 in royalties from two books, while Jill Biden’s income comes from her teaching salary and royalties from three books.
The Bidens did not report receiving any gifts, unlike Vice President Kamala Harris, who disclosed receiving nearly $1,700 worth of concert tickets from Beyoncé. Meanwhile, Donald Trump, Biden’s main opponent in November, requested a 45-day extension to file his personal financial disclosure, now due on July 1. The White House’s release of the Bidens’ financial information sheds light on their debts, assets, and sources of income, providing insight into the financial aspect of their lives as public figures. In a time of economic uncertainty and rising inflation, even the president is feeling the impact on his own financial obligations.
