Hiyas Guys (and Gals?)

Reading through alot of the posts here has got me to thinking about our situation here and I figure theres some good advice to be had here.

I have a $70k mortgage ($600 a month)on a $140k odd home and am paying over 20k a year in income tax.

Now I figure I should be able to use some of the value in my house to do something to make us better off and possibly knock off some my taxes.

So any advice as to how all this works or who i should talk to.

cheers
Dave