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Not a terrific option, but if they had extra space and depending on the configuration of the house, they could rent out space for their house to a tenant who could clean up the property and do minor repairs. craigslist seems to have a few of those people advertising for such an arrangement.
Certainly they should be choosy and make sure they do a check on any person who would live with them.
But like I said, not a terrific option.
Probably safer to just suck the money out of their house and pay for things that way. I would definitely recommend they plan out their remaining future as best they can, as I’m not sure they’d be able to do it more than once.
I’d run the numbers on both of the options that you listed and after making sure each will cover their expected costs for their remaining years, just pick the one that is most cost effective.