What is an equity take out mortgage? An equity take out refinance allows you to refinance your mortgage for a higher amount than you owe and walk away with the difference in cash. You must have at least 20% equity in your house to qualify for this option, which means you cannot owe more than 80% of the value of your property. How Does A Refinance With An Equity Takeout Work? An equity take out refinance is one of several options for utilizing the equity you've built in your house to gain access to additional funds. You should have a certain level of equity built up if you've owned your house for a few years and have been making regular mortgage payments. If your credit and general financial profil...