If you owe 40 percent or less of your original mortgage, there is a great program that is available to you that will generate extra monthly income. It's called a reverse mortgage. The reverse mortgage is similar to a home equity loan, only in the fact that it pays you the equity you have in your house. The differences, though, are many. If you have a large amount of equity in your home, you'll want to consider a reverse mortgage.

The reverse mortgage does exactly what the phrase says. Instead of the homeowner making monthly mortgage payments, the bank literally reverses the action and pays the homeowner. Sound too good to be true? It's not, and it's a completely legitimate program. Banks like it, because at the end of the term of the loan (usually when the homeowner dies), the bank acquires the house and may resell it.

Here's how it works. Let's say you own a home with a mortgage balance of $30,000 and it's worth $100,000. The bank will put a loan on some or all of the remaining balance, amortize it over 30 years and send you a check for this amount monthly. Sometimes, they'll use enough of the remaining equity to pay off your balance, so you owe nothing. Then, you get payments each month, and when you die, the house belongs to the bank.

This program is great for elderly people, who need to supplement their incomes. Check out seniorjobbank.org, as well as the wealth-building system, Winning the Mortgage Game to learn more about this interesting mortgage program.

Mark Barnes is an investment real estate and real estate finance expert. Get his free mortgage finance course at http://www.winningthemortgagegame.com and learn more about his wealth-building system. Mark is also the author of the new novel, The League, a shocking, sports-related conspiracy. Learn more about his suspense thriller at http://www.sportsnovels.com