Here's a similar situation, and possibly a creative alternative.
My mother (a widow) lives in her own paid off home. She has a will and a trust that names me as the first executor and successor trustee. My brother and I are 50/50 beneficiaries of the trust. No other beneficiaries. The house is held in title to the Trust.
My mom's only source of income is social security. No liquid assets. Her income is no longer enough to cover her monthly expenses. She has no emergency fund. Her only asset is her house.
My mom and I have agreed that I will keep her in her house and fund the monthly expense shortfall and fund all emergency expenses in the form of loans rolled into a demand promissory note ("demand" means she never has to make monthly payments on the note) at 3% APR; enough to hopefully protect me from inflation risk, but still a much better rate than she could get with a mortgage.
Since I will never issue a "demand for payment," the note becomes due when she dies, or when 30 years elapses (she is 88 right now); hopefully a long time from now, but that's beside the point. In the unlikely event that 30 years elapses before default ("death" is a stipulated default), I will simply roll the old note into a new note with interest accrued.
When new expense outlays for my mom exceed a few thousand dollars, I simply roll the old note into a new note to cover those new expenses, and tear up the old note.
My mom gets to stay in the house she loves, and she will never have to make a payment to me for as long as she lives. As a creditor, I will eventually be repaid by her trust, before I and my brother are paid whatever remains as beneficiaries.
This is kind of specific to my own personal circumstances, but I hope it provides an out-of-the-box kind of approach to thinking about this that might give you some ideas.
ETA: Estates and trusts have to repay creditor claims before they pay out to beneficiaries. I am not worried about repayment. Since I will also be her trustee, I am even less worried. This promissory note is accounted for in the Fixed Income portion of my AA. If I die before my mother, no one will be left alive to make a claim on my promissory note, as it will not be a listed asset in my own trust; in which scenario my younger brother hits the jackpot.
My mother changed my infant diapers for no other reason than that she loved me. Now I am basically my mother's personal banker for the same reason.