The Consew 226R is a clone of the Singer 111W. The machine is in time when the hook is going past the middle of the scarf of the needle when the needle bar is at the bottom of it's travel. You have to loosen the needle bar to be able to adjust it up and down. Before you do anything, replace the needle with a new one, and make sure the needle is all the way up as far as it will go in the needle bar, and that the scarf is facing to the right. Then I'd suggest you take it in anyway.
No one lives forever, the trick is creating something that will.