Two things.
I learned years ago to put an O ring that just fits inside the shaft of the router behind the collet. This O ring will prevent the shaft of the router bit from bottoming out, as it can cause the bit not to release when it's time to remove it.
Most, if not all, routers made in the last 50 or so years have collets with nuts that work in two directions and they are actually a collet with a collet nut attached together with an internal spring clip. When you loosen the nut to remove the bit, turning the nut about an additional turn will cause the nut to need the wrench again. Using the wrench this second time pulls the collet out of the shaft and releases the router bit.
I suspect that one of these or the other is causing your problem. The third problem that I have become aware of is that somehow the nut and collet are no longer being held together by this clip and the nut has pushed the collet into the shaft and the nut is now off, but the collet and bit are still in the router. My only suggestion here, since the collet is tapered much like a Morse Taper, is to put penetrating oil on the collet to shaft joint and tap the bit and collet sideways many times, each time rotating the collet and bit 1/4 turn, until you finally get the collet to pop free. Either use a dead blow padded head hammer or a piece of 2 X 4 as the hammer, and be patient. It is not going to pop out easily. Just keep repeating the process until success. You will likely ruin the bit doing this too.
When you succeed, clean ALL of the penetrating oil out of the collet and router shaft. This is NOT a place where you want any lubrication. Also, figure out why the collet and nut aren't one loose assembly.
Do not use it again until they are snapped together properly or replaced.
Charley
I learned years ago to put an O ring that just fits inside the shaft of the router behind the collet. This O ring will prevent the shaft of the router bit from bottoming out, as it can cause the bit not to release when it's time to remove it.
Most, if not all, routers made in the last 50 or so years have collets with nuts that work in two directions and they are actually a collet with a collet nut attached together with an internal spring clip. When you loosen the nut to remove the bit, turning the nut about an additional turn will cause the nut to need the wrench again. Using the wrench this second time pulls the collet out of the shaft and releases the router bit.
I suspect that one of these or the other is causing your problem. The third problem that I have become aware of is that somehow the nut and collet are no longer being held together by this clip and the nut has pushed the collet into the shaft and the nut is now off, but the collet and bit are still in the router. My only suggestion here, since the collet is tapered much like a Morse Taper, is to put penetrating oil on the collet to shaft joint and tap the bit and collet sideways many times, each time rotating the collet and bit 1/4 turn, until you finally get the collet to pop free. Either use a dead blow padded head hammer or a piece of 2 X 4 as the hammer, and be patient. It is not going to pop out easily. Just keep repeating the process until success. You will likely ruin the bit doing this too.
When you succeed, clean ALL of the penetrating oil out of the collet and router shaft. This is NOT a place where you want any lubrication. Also, figure out why the collet and nut aren't one loose assembly.
Do not use it again until they are snapped together properly or replaced.
Charley