Bad idea. Back in the 1980s, my siblings were convincing my mom to sell her large home and move into an apartment. I blocked that idea, telling my mom how foolish it would be. "You don't think rent prices go up? Then what will you do when the money is gone?". She then said "I didn't think about that."
I then arranged a meeting with a poor sister and her husband, and got them to arrange buying another lesser home with my mom as owners, and they would care for my mom. Mom sold her home, paid the down payment on sister's new home, and sister paid the monthly mortgage. Mom kept her remaining money from sale of her home, and didn't have any monthly rent obligations. Worked well for Mom and sister's family.
Of course, rents and home prices exploded higher after that. She wouldn't have afforded the higher rents, and my sister enjoyed the equity increase in her home.
Depends on the individual and where.
Worked for me. I still pay less per month than my mortgage was even in it’s last 8 years.