Borrow money using house as collateral? Is there such thing?

I need to borrow around $700k to pay for a condo. Condo is completing soon and I had paid installments (no loan) till left 700k remaining. I am currently unemployed. If my parents are willing, can they use their property as collateral and also their rental/pension to prove that they can pay back the monthly loans? But the money goes into paying for my condo (under my name)? Thanks!