I would get a second opinion. Something doesn't sound right. Maybe the timing belt broke? Do you know if it was ever replaced?

 

The car doesn't have a timing belt. It has a timing chain.

What may have happened was that the car was ran with low oil levels or infrequent oil changes over a period of time, which can cause the timing chain to get stretched. Which over time, can also cause damage to the engine due to bent valves, etc.

When there is a flickering or blinking Check Engine Light, you shouldn't continue to drive it. A flickering/blinking Check Engine Light is not the same thing as a steady Check Engine Light being on.