I experinced the same (reading of 499 degress) before actually connecting a thermistor to the RAMPS board and enabled the temp sensor setting in the Marlin configuration so I do not think you have to worry about this since it is a dummy value set in absence of a real sensor value.
To get a "real" value, make sure to connect the extruder thermistor to the RAMPS board, enable the temp sensor in the firmware configuration and upload the new firmware to the arduino board.
This is how the extruder temp sensor is configured in Marlin:
#define TEMP_SENSOR_0 1
The value 1 may have to be changed in order to reflect the thermistor type you are using. Check the thermistor table in the file!
/Henrik