From what you wrote, it sounds like you are trying to use a video transition as a video effect.
I would suggest that you do not need a Wipe Down transition (which Premiere Elements does not have anyway) if all you want to do is to have your text appear from top to bottom in a wipe down (in) manner.
Have you looked at applying a Four-Point Garbage Matte to the Timeline text file (a Garbage Matte point at each of the 4 points of the frame) and then keyframing the Position properties of the points at the top left and top right of the frame downward? Do you know how to do that? If not, I can post the how to details for you.
Please review and consider and then let me know if I have interpreted your question correctly.
After thought comment....you say that even Movie Maker has the "wipe down transition".
What have you used it on - videos or photos?
I am assuming that your text image is a photo. Is that correct? If so, I see no way in Movie Maker you are
going to apply Movie Maker's wipe down transition to a still. Video, yes. still, no. Please let me know if you
have done it and how.
I have Movie Maker 2012.