That's a tough position. Yes, you would be an enabler if you let him move back in. I do understand why you would want to let him move back in, but in the long run, it'll be very unhealthy for all of you. In the end, he is the one that needs to take control of his life. No one else can do it for him. The harsh reality, it may be better if you do "cut" all ties. If he can turn things around, you can always let him back into your kids lives.
Tough position to be in. I wish you well.