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You cannot afford to be wrong about legal fiduciary issues and duties that may be conflicting, as it will end in an awful mess.
See an attorney with your question and update us what you learn; it may help others. I wish you both the very best.
As far as I what I think of the idea...I do not think it is a good one.
Seek legal council.
If your state pays for AL and he is applying for it, then no do not loan him the money. I was told by the Medicaid caseworker, there was no guarantee I would get out of pocket reimbursed.
Most states' Medicaid applications have a 5-year "look back" period as well, so his finances need to be managed in such a way as to no disqualify or delay him from this safety net.
This is a global forum of non-financial experts with no accountability. It's best to talk to a certified elder law attorney or Medicaid Planner for his state.
You might make it safer with a written loan agreement and a registered mortgage (tricky in itself if it's for an increasing amount, not a known fixed amount), but the legal costs might eat up some of the advantages you see.
24/7 in-home care is usually more expensive than a facility. It probably makes sense to do some facility tours (and some arithmetic) before risking your money on this.