I've heard of it, but can't remember where. It seems to me the vast majority of tours end at some point, whether it be after 1 year or 5 years. I would think you would want to have plans to take occasional breaks of maybe several months based on weather/season or just interest in the local. I would also assume you need to have plans to return from full time touring at some point - age/physical ability or just interest to continue with the nomadic life may wane in the future.
But yes, selling the house, endless touring, and renting when needed could work for people with the right attitude.