As usual, the rest of the story. This can effect any government assistance they may receive now or in the future and there are tax consequences.
This is not something to do without the advice of an attorney. If you do decide on a lfe estate it needs to be specific and include items such as maintenance, taxes, insurance, what happens if they move, etc.
A long term renewable lease may be a better option but again have an attorney draw it up.
The house does not belong to you.

