Jennifer Lopez & Ben Affleck Reportedly Made a 'Colossal' Financial Move After Buying Their $60 Million Beverly Hills Mansion

Celebrities love to make big real estate moves, and they often pay the full price for their properties in cash. Jennifer Lopez and Ben Affleck finally settled on a $60.85 million Beverly Hills property after almost a year’s search, but they are making waves for how they decided to pay for it.

It was originally reported that the dynamic duo paid the amount in cash when the sale was announced, however, J.Lo and Affleck might have changed their minds. According to documents obtained by The U.S. Sun, they took out a “30-year home loan with JPMorgan Chase Bank.” The $20 million mortgage comes with some curious terms, too. The first six years are at a five-and-a-half percent interest-only rate (and that’s a solid rate in this tumultuous market). After that term, the rate increases, but they won’t begin to pay off the principal on the home until November 2033.

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For anyone questioning why a very wealthy couple would saddle themselves with massive debt, Los Angeles realtor Tony Mariotti, CEO of RubyHome Luxury Real Estate, had the answer for the media outlet. “There are a couple of reasons they might be using equity from their Beverly Hills property,” he explained. “The interest rate on a loan that’s secured by real property is lower than what they’d get on a personal loan. The interest is also tax deductible. They can use the funds almost any way they want, which would not be the case if it were an unsecured loan. For those reasons, it’s a smart financial move.”

Mariotti believes it was a “calculated decision” for Lopez and Affleck to utilize this “common tactic” that’s popular “among the wealthy for the tax benefit.” He also thinks there could another financial reason for taking on a mortgage and that could include “buying more properties, renovating existing properties, financing a project such as a film production.” Lopez and Affleck certainly aren’t hurting for the cash with their combined net worth at approximately $300 million. They are going to enjoy their fabulous 12-bedroom, 24-bathroom 90210 estate where plenty of other one-percenters live.

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Before you go, see this slideshow showing photos of Jennifer Lopez & Ben Affleck’s second wedding venue.

Launch Gallery: 10 Strict Rules Jennifer Lopez & Ben Affleck Allegedly Follow in Their Marriage

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