Need Some Advice Please

theenquirer

I need some useful advice please from anyone.

I have a big problem

My variable rate mortgage is due up in 5 years.
I do not have an endownment or insurance to pay it off when it is up.
The reason for this is that a few years back when I had a company, I was made bankrupt, not my wish, and had to sell the endownments I had then to meet my creditors.
I am 60 years old and only work part time.
Is there anything I can do to stop the inevitable?
Please do not respond negatively. I know this is ridiculous and likely no good answer to come.
I had to try to ask if anyone knows what I should do?
I have a grown up son who works and has a good job living with me and also my wife, who cannot work living here also.
Anything will help me. I would be so grateful.

Poppy9

I think you need to give a bit more info before someone can help.

If you have a lot of equity in your home have you thought about selling and down sizing to pay off the mortgage now? Else what about selling part of the house to your son to enable you to pay off the mortgage. You could either set up an agreement to live rent free for the rest of your life or you could pay him rent for the portion he owns. As he will no doubt inherit all the house in the long term its a sound investment for him.

Scott

Or you may wish to see if your son will take over the mortgage in your stead, rather than trying to tough it out?