My parents want to refinance. Should they take out an equity loan for me?

They have a townhome that is worth 5K, and they owe 0K. Should they refinance 80% loan to value in ordered to take out an additional 4K for me to put down on a condo? I would be paying the difference in the mortgage(roughly 1000 dollars) for the condo. My main concern is that the [...] http://bit.ly/ilYMmS