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Are you my sister!!?!??  
Seriously...that sounds just like my mom.  She's got this sense of entitlement to 
my life, like she owns me and has the right to direct me any way she likes.  It's as if she feels like the natural way of things is that kids are born into a life of service to their mothers because...well, because 
that's just how it works between mothers and children.
That's NOT how it works, though.  Not if you're 
sane.
FWIW, I haven't talked to my mom in two years, and it's made my life MUCH better.  
If you choose to make the decision to walk away -- which I highly recommend 
 -- you should know that you'll have to walk through a little fire for it.  People who should know better will try to get the two of you back on speaking terms, but you just gotta stick to your guns and keep moving forward.  You can't let yourself feel bad about wanting to
 live.  
Also keep in mind that it's not likely to be a "she'll see the light eventually" type of situation, so you can't walk away with the idea that it's really just some kind of threat or that you're teaching her a lesson...you gotta literally, actually, truly walk away.  She'll treat it like it's just a threat or that you're trying to force her into a "come to Jesus" situation at first, and she'll probably just think of you as some kind of drama queen or whatever.......but she'll eventually come to the realization that you're simply gone.
She won't be sad, though...don't expect her to be sad, for you'll be sorely disappointed and extremely hurt.  What she'll be is pissy and angry and spiteful, and she'll likely poison everyone she can against you, telling them all what a horrible person you are for abandoning your own mother.  The dumb ones will agree with her, and that will hurt you terribly, because some of the people you really like will ultimately prove to be really, really dumb..
Gotta keep going, though...keep moving forward.
Most folks will realize that there's nothing that would keep them from their own kids, though, and they'll start to look at HER as the one that's a little cracked -- and that's when you'll know who your real friends and family are.  
Like I said...it's not an easy road...but the sad reality is that you can't reason with crazy people, and you gotta do 
something or it's going to eat you up.  Believe me -- I've been there.
So, just GO...LIVE YOUR LIFE!