Is it truly possible to do cash-out refinancing without owing back any money?

Is it truly possible to do a cash-out refinance without owing back any money? If so, how would you do this? I hear and read stories every once and awhile about people claiming how they were able to pocket cash/money ($10K, $20K, $50K, and up) by performing refi's of their home/mortgage loan. But that money typically comes with strings attached, right? That is, yes, you do get cash back from the lender based on the new appraised value of the property, but you eventually will have to pay this money with interest. It's not like it's free money that one can spend on whatever they want (travel, merchandise, etc.), correct? Someone please confirm (I'm very new to the world of Refinancing). Thanks!