You can sell your house afterwards as you have a clean title and a more advantageous mortgage.
In most cases, refinancing leads to benefits for both home sellers and buyers. For the seller, refinancing provides an opportunity to reduce their monthly payments or make large renovations without worrying about exceeding their income limits or later defaults. In some situations, it may be necessary to increase the mortgage debt beyond 140% LTV in order to afford new items on a cost-basis basis over time – this is generally not an issue with cash out financing as allowed up to 75% LTVs but you should check with your lender before beginning any work that does not match 100% of your equity position after closing costs, etc.