Interesting Situation. Comments are appreciated.

[Jose De La Macorra]

I have an interesting/very uncommon situation I would love to get some comments on what you all think. While looking for properties I found an elderly man who has no family left. He never got married or had kids. He currently has Chronic Kidney Disease and although he is on Medicaid he needs money for his monthly expenses. His house is worth around 180-200k as of right now. He wants someone to pay him $1,200 per month until he passes away. He has said he can add me to his will and make it irrevocable or do an irrevocable transfer of death deed for his home and a 25k stock portfolio. He is currently 70 years old and as I said doesn't have the best health. He is very old school and does not want to do a reverse mortgage. Any Ideas? 

Thanks.