Gary Onks answered more than 30 questions about what reverse mortgages are and how they work during Tuesday’s Money Talk$.

He is the regional branch manager of Reverse Mortgage USA in Spotsylvania County. Reverse mortgages are loans for people over the age of 62 that let them tap the equity in their homes without having to repay the money until they, or their estate, sell the house.

Below are some of the highlights from the Web chat. A full transcript is available at fredericksburg .com/blogs/whatsin store.

From “ck” in Spotsylvania: I currently have a reverse mortgage, but the value of my house has fallen below the balance of the mortgage. If I sell the house as a short sale, am I able to purchase another home and get a new reverse mortgage without having to pay the bank the difference of the short sale?

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