For purposes of sub. (2), the purchase by an individual or his or her spouse of a promissory note, loan, or mortgage after February 8, 2006, is a transfer of assets for less than fair market value unless all of the following apply with respect to the note, loan, or mortgage: 1.
(1)#
The repayment term is actuarially sound.
(2)#
The payments are to be made in equal amounts during the term of the loan, with no deferral and no balloon payment.
(3)#
Cancellation of the balance upon the death of the lender is prohibited.