1) What if the borrower is unable to afford the payment on this mortgage after some time?
Ans: The payment on a Sixty year mortgage would probably be less than the rent for a similar home. So it's unlikely this situation will arise.
2) What if the price of homes goes down much further below the current level?
Ans:
a) This is possible though not highly probable, especially if this product is in place. If this were to happen, the monthly mortgage is still much less than the rent for a similar home and the borrower would continue to be able to afford the payment.
b) Mortgage terms can be extended further from the Sixty years proposed here.
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