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 - Trailering Your Tractor - by Curtis Von Fange. One of the fun things of summer and fall are the parades and tractor shows that go on across America. Many owners of tractors travel long distances to attend these shows and they usually take their restored iron along with them. Safe trailering practices and inspections will ensure that the event is a fun one. A good habit to develop when using a trailer is to give that ‘quick look over’ before taking it on a trip. Before hooking up to it check the tongue for proper operation. The latche
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