of difficulties...and it seems only apply to the second loan owner, not the first one.
I have an immediate friend who just did this half a year ago, and a lot of immediate friends who bought such property where the original owner did such.
My neighbor right across from me is doing so, leaving their 5000 sqft house, and enjoy the benefit of not paying morgages anymore. They bought two new cars right after they put the house on the market! Life got even better.
Builders counts a big percentage of such players.