Advice to save my home

carerlost

I am on an interest only mortgage which coming to end in 4 years. I had to give work up few years ago to become fulltime carer to my son and elderly mum who now lives with us. I have been claiming smi for few years and owe them over £20,000. I also owe my mortgage £180,000. I initially put £40,000 down to get mortgage. 
I'm worried as the mortgage term is coming to end and means if I don't sell the house, me, my son 27, daughter 12 and my mum will be homeless. I would like to keep this house as had adaptations for my son and also mum uses 2nd lounge to sleep in as not able to mobilise.
Years ago I thought I would have sold property and moved on but now I'm a carer with 3 dependents (2 adults 1 child) . My mortgage company are not helpful only if I can get work. I'm trapped in this doom and gloom of eventuallylosing the house. Are there any options I could try. I'm 55 and on income support and carers allowance. Please help 

ACG

How much is the home valued at? 

carerlost

Similar selling for £285 -£300,000 but mine is probably on lower end due to jobs need doing. 
Even if I raised £100,000 I couldn't get anything with 3 -4 bedrooms.

ACG

I dont think there is an answer. 
You are already claiming SMI which I think really should only be a short term fix. That does not appear to be the case. 

You are in effect building up more and more debt, the situation is only going to get worse unless property values go up faster than the debt with SMI but I dont think that is going to happen for a couple of years.  

Coming off SMI would be a start to at least prevent the build up of debt but if that is not possible I dont know what the answer is. 

You are old enough for Equity release but only just. Potentially you could get 25% from equity release and put down your £80-100k on top, but that is only going to get you to around £100-130k. 

Its good that you are looking at it and not sticking your head in the sand, but I think you are going to have a tough decision to make. Stay as you are for 4 years and worry about it then or make the decision to do it on your own terms beforehand. 

carerlost

Would I be eligible for a remortgage  as my interest only mortgage is over £800 month. I was contributing extra  towards the mortgage but now interest gone up

carerlost

Sorry I meant raising the £100,000 if I sold the house first