Answer:
No.
Any home equity line uses the underlying property as collateral. A home equity line will only be extended if the following are all true:
* The valuation of the home suggests that there is equity left over after meeting the obligations of the primary/first mortgage
* There is not already a second mortgage outstanding
* The credit worthiness of the borrower is good (score of 720+)
Instant equity is usually only generated through the refinance of a house (revaluing the home upwards from where the valuation was when obtaining the first mortgage). At that time, one may cash out part of that equity increase and apply the amount cashed out to the new loan.
The popping of the housing bubble has greatly reduced the number of refinances that provide for cash out.