If you are going to buy a new property with the money retained from the sale, the equity release clause will transfer over, so all may not be lost! But you will need to persuade your IP that you can continue to make the payments, and probably suggest that the equity you use now to pay for the costs of retraining, comes out of your partner's share rather than yours.
I never say never when dealing with my own clients, but your IP may have completely differing views, so do be sure to have a chat with them soon to set your mind at rest and consider the options you have. At the end of the day family life is far more important than having a few debts.
Regards, Melanie Giles, Insolvency Practitioner