I actually think we created a mortgage system that will keep most people working (income earning) for the majority of their lives (30yrs). Now that our life span is increasing, will the norm be 40yrs?
You can get a 40 year mortgage at many banks now. I doubt 40 year mortgages will ever catch on. The banks generally charge a higher interest rate for the longer term so the payments aren't much cheaper than a 30 year loan.
