Cancelled endowment causing shortfall

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My parents-in-law are facing difficulties with their endowment mortgage due in 2003.

For various reasons their endowment has been cancelled which will leave them with a shortfall of 38,000 when their mortgage falls due. They are both in their 60's although my father-in-law is still working as a free-lance taxi driver. If they sell their home they will release 100,000 equity which is not sufficient to buy another home in the area in which they are living and would prefer to find a solution that would enable them to carry on living in their current home. They now are desparately seeking to find out what their options are at this stage.

Any advice ?

-- Jez Horrox (J_Horrox@goldcity.demon.co.uk), February 27, 2001


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