A 4 BR cape in that area would go for 180,000 to 230,000 in decent condition.
Paul Howard, Broker
Cherry Hill NJ 08002
Second: The reverse mortgage on the house was probably done a while ago when the market was strong and the house may not have been in disrepair. IN order for ta reverse loan to even go through there had to be appraisals and comps to justify the mortgage.
This happens situation happens. Now it is just a matter of time for the bank to decide on your offer .. either they take the hit.. or they will decline. Wait it out and be patient. You will find out one way or another.
You may have a shot. Good Luck!
Jeremy S. Hill, Realtor Associate
Keller Williams Realty
1814 Route 70 East
Cherry Hill, NJ 08003
"Your Interest 1st Always!"