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You are likely to be seriously compromising your retirement.If you are deciding to move to your dream home now with significantly higher payments, make sure that it is a home that will cover all life stages as you mature. Are the doors wide enough for wheel chairs & walkers? Is there total living on one floor with no steps (and easy access from outside with ideally no steps).
Some of the questions ask can ultimately be answered only by you. As a professional with a fiduciary responsibility to look out for your best interest, I would only hope to educated and inform you of your options and help you quantify the risks and rewards of this course of action. Once you have an accurate view of it from all sides, the right answer will usually bubble to the surface and be confirmed by your own gut feelings. I can suggest that many of my clients are doing exactly what you propose and feeling like the proverbial "Cat Who Ate the Canary" because they have someone else making the mortgage payment on the vacated home yet they are not forced to realize the deep discount by selling now. They also enjoy a deep discount on the new home and now have both homes in a portfolio poised to enjoy the coming real estate recovery (we hope). No calculate the tax benefits and it is a win, win, win. You run the risk of having a tenant fail to pay rent, destroy your house, or end up bringing some kind of lawsuit against you at some point. There are ways to protect yourself from these risks as well with proper insurance, cash reserves, and well formed lease agreements.
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For Sale: $229,900
For Sale: $319,000
For Sale: $137,500