Any person under the age of eighteen years, having estates in lands, tenements, or hereditaments only in trust for others or by way of mortgage, may by the direction of the court, signified by an order made upon hearing all parties concerned, on the petition of the person for whom such infant shall be seized or possessed in trust or of the mortgagor or guardian of such infant or person entitled to the monies secured by or upon any such lands, tenements, or hereditaments whereof such infant is or shall be seized or possessed by way of mortgage, or of the person entitled to the redemption thereof, convey and assure to any other person any such lands, tenements, or hereditaments in such manner as the court shall by such order so to be obtained direct.