How to renovate your home on a fixed income + MORE Oct 24th

As many seniors know all too well, being “house rich, cash poor” is a common reality. You’ve paid off your home, and it’s worth a lot, but your monthly income doesn’t stretch as far as it used to. If you’re living on a fixed income, the thought of renovating your home can feel overwhelming. The costs? They can range from a few thousand dollars for basic upgrades to hundreds of thousands for more significant changes, like making your home more accessible. 

But just because you’re on a tight budget doesn’t mean you’re stuck with your dated décor and dysfunctional layout. There are options, even for those who can’t tap into a steady flow of extra cash. Let’s explore what’s possible.

Why traditional mortgages and HELOCs may not be the answer

For many people, the first thought when looking to finance home renovations is a traditional mortgage or a home equity line of credit (HELOC). But for seniors living on a fixed income, this may not be a viable option…

Equifax Inc. is launching a program to allow newcomers to transfer their foreign credit history to Canada.

The credit reporting company said Thursday that the Global Consumer Credit File will make it easier for immigrants to access services like loans and cellphone plans in Canada by providing the additional data.

“It’s really important when newcomers land that they get access to the financial services ecosystem, and without credit history that’s very difficult to do,” said Sue Hutchison, head of Equifax Canada.

“They’re typically looking to, you know, rent an apartment, get a mobile phone, probably a credit card, and all of those things require credit history. So not having it makes it very difficult for newcomers.”

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Earning, saving and spending in Canada: A guide for new immigrants

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What is Nova Credit? What does it offer?

Equifax isn’t the first to launch such a program in Canada…