It appears that you were left a property by your great-uncle in which you had a lifetime interest with your children being the remaindermen (Includes women!) To get the property after you die.
At some stage, the property was sold and presumably either there is a provision for that to happen in the trust or your children agreed to that. It’s unusual for there to be a provision for the proceeds to be applied to a more expensive property but not unusual for the proceeds to be applied to a cheaper property provided any remaining balance is paid to the remaindermen, the children in your case.
I don’t know whether the children’s interest is protected by a restriction on the register but it should be. If not, then legally you can go ahead and do what you like with the property although it doesn’t affect the children’s financial interest.
If there is a restriction, the children are going to have to agree to allow you to go ahead.
I can’t comment on Age Partnership and whether they are good bad or indifferent you might want to speak to an independent mortgage broker who deals specifically with Lifetime Mortgages which is what these “later life” mortgages are now called.
Can I clarify anything else for you?
I am happy to answer any specific points arising from this.
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