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 - Ford Super Dexta - by Anthony West. The rusty blue tractor caught my eye as my truck zipped by the farm implement business. It looked so fornlorn amongst the lineup of newer equipment. But it was just the right size for my small farm. I stopped in and asked the proprietor for further information. "It's a 64 Ford Super Dexta", he said. "It's a tough little tractor, although it's a hard starter being a diesel and all." He did manage to get it running, compliments of a can of ether. Once started it putted along pretty good. It
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