This is commonly referred to as a 'reverse mortgage', a type of lifetime annuity based on a property title.

A life estate is a type of joint ownership of real property with ownership “split” between a present interest and a remainder interest. The individual holding the life estate – the life tenant retains the legal right to possess and use the property during their lifetime. Upon the death of the life tenant, the property passes to the person or person who hold the remainder interest – without the need for probate. At that point, the remainderman assumes all property rights and obligations. The remainderman then gets the entire bundle of real property rights. - https://burnerlaw.com/who-owns-the-property-when-there-is-a-...

What is a life annuity in real estate?
What is real-estate life annuity? The life annuity sale involves the real estate sale by an owner (the annuitant) to a purchaser (known as the debtor) who shall pay the price in the form of an annuity. This annuity is known to be "life annuity" because it shall lapse overnight on the annuitant's death.

https://www.notaires.fr/en/housing-tax-system/buying-and-sel...

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Note added at 5 hrs (2023-10-31 14:08:49 GMT)
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Real estate annuities provide investors with a steady income stream, much like a pension. Like a variable annuity, the income provided by a real estate annuity fluctuates over time. Land, houses, and other structures are all included in real estate.

https://study.com/academy/lesson/real-estate-annuities-defin...