Wisconsin § 138.058 - Reverse mortgage loans.
Full text of Wisconsin Wisconsin Statutes § 138.058 — Reverse mortgage loans., with citation guidance and answers to common questions.
§ 138.058. Reverse mortgage loans.
138.058(1) (1) Definitions. In this section: 138.058(1)(a) (a) “Qualified lender” means a lender approved by the federal department of housing and urban development to enter into a loan insured by the federal government under 12 USC 1715z-20 . 138.058(1)(b) (b) “Reverse mortgage loan” means a loan, or an agreement to lend, which is secured by a first mortgage on the borrower’s principal residence, is insured by the federal government under 12 USC 1715z-20 and requires repayment as specified in the loan agreement under any of the following conditions: 138.058(1)(b)1. 1. All the borrowers have died. 138.058(1)(b)2. 2. All the borrowers have sold the residence or conveyed title to the residence. 138.058(1)(b)3. 3. All the borrowers have moved permanently from the residence. 138.058(1)(b)4. 4. Any other condition specified in 12 USC 1715z-20 . 138.058(2) (2) Reverse mortgages permitted. A qualified lender may enter into reverse mortgage loans. 138.058(3) (3) Treatment of reverse mortgage loan proceeds by public benefit programs. 138.058(3)(a) (a) Reverse mortgage loan payments made to a borrower shall be treated as proceeds from a loan and not as income for the purpose of determining eligibility and benefits under means-tested programs of aid to individuals. 138.058(3)(b) (b) Undisbursed funds shall be treated as equity in a borrower’s residence and not as proceeds from a loan for the purpose of determining eligibility and benefits under means-tested programs of aid to individuals. 138.058(3)(c) (c) This subsection applies to any law relating to payments, allowances, benefits or services provided on a means-tested basis by this state, including supplemental security income, low-income energy assistance, property tax deferral, medical assistance and general assistance. 138.058 History History: 1993 a. 88 .
Frequently Asked Questions About Wisconsin § 138.058
What does Wisconsin Statutes § 138.058 cover?
Section 138.058 ("Reverse mortgage loans.") is part of the Wisconsin Statutes, the codified statutory law of Wisconsin. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Wisconsin § 138.058?
A common citation format is "Wisconsin Statutes § 138.058" (Wisconsin). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Wisconsin law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Wisconsin official source linked on this page or consult a licensed Wisconsin attorney.
How does Wisconsin § 138.058 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Wisconsin can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Wisconsin.