A $300,000 home equity loan could be the largest sum of money that a homeowner receives over a lifetime. As such, certain types of borrowers are a better fit for this size of a loan than others, says Filip Telibasa, a certified financial planner (CFP) at Benzina Wealth, a flat-fee, comprehensive financial planning firm. 

"It could be advantageous for somebody who believes on a high level that the opportunity cost is higher than the interest they're paying on the loan," Telibasa says. "This could be starting a business or creating other investments, or doing a home renovation." 

A home renovation isn't always the optimal way to use a $300,000 home equity loan, Telibasa says. However, if you make smart improvements to your home, it could provide a considerable boost in your home's value. "If you're using [the loan] for home renovations, make sure it increases the value of your home and you're not using the money for … purely vanity or aesthetic purposes," he says.