I was always wary of the 30 year term... If I was a lender I would never lend on a term so long, no matter the borrower or amount. Who knows what will happen in 30 years? We can't even predict major world-changing events in the next 5 years.
The long-term loan is increasingly just a way to get people to buy things they can't afford. People get brainwashed into thinking about monthly payments instead of total cost. The brainwashing part is thinking that is somehow a normal thing to do.
From a consumer perspective I'm also leery of a 30 year term. I mean, it's one thing if you choose a 30 year term for flexibility and then pay it off early (e.g. in <10 years while earning the delta on higher returning equity investments), but if you need 30 years to pay off a home you shouldn't buy one that expensive.
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