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84 year old pensioner sells his home. What next in best?

If an Australian 84 year old pensioner sells his home, (and moves in with me paying board) an amount above the threshold for a single pensioner that will affect his pension at $3 per thousand, should he put money into an annuity that is designed to reduce his lump sum payable to 1/3 after 3 years and then zero after 4 years? Does the $30K annual payments get transferred to a benefactor of his will up to the 16 years mentioned in the annuity? Be aware I am the benefactor. And I see he would still have a single pension up to a certain amount, i.e. instead of $1,100 a fortnight it would be reduced to around $750. I believe he should buy a property, rent it out to supplement his loss in his pension.

submitted by /u/Some_Wheel
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source https://www.reddit.com/r/RealEstate/comments/1f347x6/84_year_old_pensioner_sells_his_home_what_next_in/
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