In fact, I know of two people who are doing exactly that. My downstairs neighbor needed to reduce expenses so she put her condo on the market a few weeks ago. She accepted an offer in one day. She's buying another (smaller?) place in a senior community which she paid cash for. Only downside I see is that the association fees in that community I happen to know are very high (enough for a mortgage payment in some parts of the country).
I also have some good (retired) friends who are about to sell their home about a mile from me (as the crow flies), take the cash to buy a nice size RV/coach and just live where ever they want or see the country, if the weather is nice.
Some other folks who cash out are planning to buy property in other places with the proceeds. Naturally, it depends on their stage of life and current income levels.
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