I became disabled 6 years ago and nearly lost my house.I had to cancel my endowment as we just couldnt afford

Question

it anymore.I now have the council paying the interest on my mortgage and housing benefit paying my rent as its shared ownership.My problem is i only have 10 years left on my mortgage and i dont seem to have paid anything off.I am worried as i have two teenage children and dont know what to do.Has anybody got any good advice?

Answer 1

I assume you have no other savings (I guess if you did they would cut your Benefits untill your savings are all used up anyway) .. so when the (Interest only) Mortgage reaches the end of term I guess you will have to sell the house to repay the Mortgage

Best I can suggest is you ask the Mortgage Company if they will extend the mortgage untill you Retire (which I assume is past 10 years) when your kids should be well old enough to look after themselves .. (it will also give the house a chance to appreciate in value for longer)

If you kids want to stay with you, then, as soon as they start work, ask them to pay down the Mortgage.

When you do finally sell, hopefull there will be enougth equity left over to buy a smaller house (or at least a 1 person flat), perhaps in a less expensive area ..

Answer 2

1. Contact your mortgage company, like a previous poster stated, and see if you can work something out.

2. Put those two kids to work and collect part of their earnings to help you (and them). It won't kill them; it will probably make them better adults.

3. Refinance? I'm guessing if you only have ten years left on a typical 30-year mortgage, then you have some equity and may be able to refinance to a smaller payment.

4. If you're over 62 years old, check into a reverse mortgage. You keep title and ownership of your home until you die or move out, and never have to make another mortgage payment.

Good luck!

Answer 3

As your children are going to inherit it anyway why not get them to pay off the mortgage for you

Answer 4

Either switch mortgage to a repayment mortgage, or put your excess cash (hah!) in an ISA.

Answer 5

definite. It replaced into precisely 6 years. And this previous summer season we suddenly met one yet another for the 1st time. For the 1st month it regarded like that replaced into it. We got here across one yet another. existence is nice. we would desire to continuously have in no way broke up. i admire you. Blah blah blah. Then i found out how plenty I hated him. found out he did not fairly mentally improve up in any way shape or type. found out he replaced into an egotistical ahole who lacked insane quantities of intensity. I instructed him it would not artwork out approximately 2 minutes after the 1st (and final) time we had intercourse back. He replaced into purely way too awful and that i will't be having that together with his different faults. If he have been good in mattress i'm going to have held out slightly longer. We saved speaking. We saved staggering out and going to bars collectively, yet I have been given sick of listening to what a whore i'm purely via fact i didn't wish him. sick of listening to that i comprehend not something approximately human beings via fact i did not think of of him as a "great Guitar God" like something of the city did. i could not be his "definite" lady. I hate him now. yet we nevertheless communicate on IM in some situations. Glutton for punishment.

Answer 6

.Don't worry.If all doors are closed,even then one door of hope is opened always.There is a solution of every problem in itself.Let me know first, have you any Insurance policy in your name or other's name or not anyone?Or have you any bank account or not at all?If yes,then you can consult with the financial advisor of the bank and as well as of your Insurance company for any useful advice.Have some faith in Almighty God.He will bless you and show you a path of hope,definitely.