Yes, that is a growing and popular use of a RM -- especially if your current home is mortgage free, or has a low mortgage balance. Just remember that you will still have to pay property taxes and insurance and upkeep on both homes! If your budget allows for that, go right ahead. I would, however, wait as long as possible to do that -- so you can get the largest amount of money from your current home. You are eligible at age 62 -- but you might want to wait until those grandchildren are born. Then calculate the cost of a hotel on visits vs the benefits of having a home near them!