Cash out refinancing (in the case of real property) occurs when a loan is taken out on property already owned, and the loan amount is above and beyond the cost of transaction, payoff of existing liens, and related expenses.

Strictly speaking all refinancing of debt is "cash-out", when funds retrieved are utilized for anything other than repaying an existing lien.

In the case of common usage of the term, cash out refinancing refers to when equity is liquidated from a property above and beyond sum of the payoff of existing loans held in lien on the property, loan fees, costs associated with the loan, taxes, insurance, tax reserves, insurance reserves, and in the past any other non-lien debt held in the name of the owner being paid by loan proceeds.

A homeowner who owes $80,000 on a home valued at $200,000 has $120,000 in equity. That equity can be liquidated with a cash out refinance loan providing the loan is larger than $80,000.

The total amount of equity that can be withdrawn with a cash-out refinance is dependent on the mortgage lender, the cash-out refinance program, and other relative factors, such as the value of the home.

Miley Ray Cyrus (born Destiny Hope Cyrus; November 23, 1992) is an American actress and pop singer-songwriter. She achieved wide fame for her role as Miley Stewart/Hannah Montana on the Disney Channel sitcom Hannah Montana.

Cyrus recorded music for the soundtracks, Hannah Montana (2006) and Hannah Montana 2/Meet Miley Cyrus (2007), released by Walt Disney Records. With the success of the Hannah Montana franchise she established herself as a teen idol. In 2007, Cyrus signed to Hollywood Records to pursue a solo career. She embarked upon the Best of Both Worlds Tour the same year, in which she performed as both herself and in character as Hannah Montana. The tour was eventually turned into a high-grossing concert film titled Hannah Montana & Miley Cyrus: Best of Both Worlds Concert (2008). In July 2008, Cyrus released her first solo album, Breakout (2008), which was commercially successful.

She began her foray into film by providing the voice of "Penny" in the animated film Bolt (2008). Cyrus earned a nomination for the Golden Globe Award for Best Original Song for her performance of Bolt's theme song, "I Thought I Lost You". She also reprised her role as Miley Stewart/Hannah Montana in Hannah Montana: The Movie (2009). The Hannah Montana: The Movie' soundtrack introduced her to new audiences within country and adult contemporary markets.