ianwood
Taco Wrangler
As Scarecrow entioned, this is called Dynamic Homepoint. It's in the SDK for the P3 so 3rd party apps can allow you to move the Homepoint at any point during flight.
This is more sophisticated than dynamic homepoint. In order for this to work, you would need to rewind which means not just setting a new home point but reversing through a GPS trail. It would be multiple homepoints kept in a circular buffer that are reversed through like a waypoint mission.