The market value is lower that debt and can not get no more than going rate to finance reverse mortage. Do hiers repurchase at market value?
If you are saying that your home, on which you currently have a reverse mortgage, is worth less than the unpaid balance (which includes any money you’ve used plus accrued interest), then yes, whoever wants to buy the home would buy it at current market value if they wanted to keep it in the family. You, nor they, would owe a penny more than what the market would bring for the property. The MIP or mortgage insurance premium that was paid to HUD insures this. I hope we were able to answer your question.
