If it appears to the court, from such verified petition of the guardian, and the evidence that it is necessary and for the best interest of said estate to mortgage the whole of such real estate or any part thereof, including the homestead, for the purposes and reasons herein set forth, the court shall by order set a time for hearing the petition and shall give and issue notice thereof and cause copies of such notice to be mailed to each of the persons interested in the estate of said minor, incompetent or mentally ill person, at their last-known place of residence, at least ten (10) days prior to such hearing, and shall cause notice thereof to be published once each week for two (2) consecutive weeks in a newspaper in the county where said hearing is to be held prior to such hearing. The notice shall contain a description of the property sought to be mortgaged, the amount of the proposed mortgage and the purpose or purposes therefor.