Personally I would only gamble with my own cash, that I can afford to lose. And what you are contemplating is a big gamble in many ways.
Your house has been for sale since before the credit crunch. You might get no where near your asking price. Without knowing the full details of your finacial status, it seems like a risky strategy.
A lot of people have a flawed logic when it comes to wanting to be an airline pilot. It's not glamourous, it doesn't pay well, it aint job secure, and at the moment there are too many experienced pilots chasing too few jobs.
If I were in your shoes, I would NOT do it.
StraightLevel.