My DW's sister lives on a Park Home development. Her "house" is about 900 sq ft in size, two bedrooms, study, en suite etc. The development is gated, and only those over 55 can live there. Well kept, very safe and nice and quiet.
The majority of residents have downsized and by buying at around £220,000 have released equity.
The downside is that whilst you own the home, you do not own the plot it is sited on. And, unlike bricks and mortar, the property price tends not to increase that much. As long as you acept that, it seems a good stepping stone between the family home and a retirement home.
Might consider it ourselves !