No, only the actual property owner (the person(s) on the title) have the right to refinance a home or "pull out cash equity" from it. Nothing would stop you, if you are the owner(s), from refinancing and lending/giving the money to her--but then, of course, you'd be liable to the bank. You could have her execute an agreement under which she'd indemnify you and make the payments, which would let you proceed against her if the bank proceeded against you--but the bank would still be able to hold you liable.