President Joe Biden and his wife Jill Biden borrowed at least $50,000 against a line of credit on their vacation home last year, as revealed in his annual financial disclosure. The disclosure, released by the White House on Wednesday, shows that they took out a $250,000 home-equity loan on their vacation property in Rehoboth in 2022. The couple reported borrowing between $15,000 to $50,000 against that line of credit last year, with a variable interest rate of prime plus 1.99%. They have since tapped into that line of credit further and now owe between $100,000 to $250,000, with no explanation provided for the additional borrowing.
Their main liability remains the 30-year mortgage on their primary residence, taken out in 2013 at a 3.375% interest rate. The outstanding balance on this mortgage is between $250,000 and $500,000, as required by the disclosure’s broad range valuation rules. The Bidens also have other debts totaling $25,000 to $65,000, including a term loan and loans against their life insurance policies.
In terms of assets, the Bidens value their non-real estate assets at between $1 million and $2.6 million, with $700,000 to $1.6 million in cash. They have a variable annuity invested in nine different mutual funds worth over $135,000, as well as six life insurance policies valued between $62,000 and $230,000. Forbes estimated Joe Biden’s net worth to be $10 million in April 2024, largely due to his two homes, which are worth around $7 million combined.
Joe Biden’s retirement savings are mainly in a government pension that pays him about $250,000 a year and is not required to be 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 over $15,000. Biden reported earning less than $400 in royalties from two books he authored, while Jill Biden’s income primarily comes from her teaching salary at Northern Virginia Community College and less than $10,000 in royalties from her three books.
Unlike Vice President Kamala Harris, who reported receiving nearly $1,700 worth of concert tickets from Beyoncé, the Bidens did not report receiving any gifts in their financial disclosure. Former President Donald Trump, Biden’s main opponent in November, requested a 45-day extension to file his personal financial disclosure, which is now due on July 1. Overall, the Bidens’ financial disclosure provides an overview of their assets, liabilities, and sources of income, giving insight into their financial standing.
