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 - Women and Tractors - More Views From the Farmer's Wife - by Teri Burkholder. The top ten reasons why the judges wouldn't let you participate in the stock antique tractor pull: Hey, this is stock! It came with that V8 in it! That "R" on my tires stands for "really old" not radial! Blue gas? We thought it was a pretty color! What wire hooked to my throttle?
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