The property will be sold for whatever the market will bear. The amount of the reverse mortgage is irrelevant.
If you owe 10K on your mortgage, and your house is worth 100K, would you sell it for 10K or 100K? (Admittedly, there are lot of people who opt for the former, but I hope you're not one.)
If you owe 100K on your mortgage and your house is worth 10K, would you insist on selling it for 100K? Of course not, because you'll get no buyers. You might walk, you might try to get the bank to agree to a short sale, or you might hold on to it.
Mortgage companies think no differently than you, and the mortgage company must sell in the same market in which you will buy.
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Today's Featured Article - Tractor Hydraulics - The Basics - by Curtis Von Fange. Hydraulics was one of the greatest inventions for helping man compound the work he can do. It’s amazing how a little floor jack can lift tons and tons of weight with just the flick of a handle. What’s even more amazing is that all the principals of hydraulic theory can be wrapped up in such a small package. This same package applies to any hydraulic system from the largest bulldozer to the oldest and smallest tractor. This short series will take a look at the basic layout of a simple hydraul
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