So you are trying to buy back the outstanding equity release payments and effectively buy back the stake the equity release company holds in the property? One issue I can see is a change in the value of the property over the last 8 years - I presume it has increased as the equity release would have been near the start of the worldwide economic collapse?
I would also guess the terms would have been favourable to the equity release company?
In reality these deals are structured so that they are often uneconomical to try and reverse. At the end of the day, when the deal was struck it was in the best interests of all parties at the time. However, maybe the structure/cost of these deals should be reviewed by the regulators?