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to 7 or 10 years — as long as there are no prepayment penalties.

With these clients, financing the full value of a home, or even several homes together, is always an option. Since the start of the year, Ms. Gorman said, she has seen a rise in the number of borrowers taking out $10 million to $20 million mortgages and has gone as high as $50 million for a group of properties.

¶ But a third, simpler strategy for people in the highest tax bracket is a $1 million mortgage and a $100,000 home equity loan on a property that did not have a mortgage before. This amount hits the limit for federal mortgage interest deduction, Ms. Gorman pointed out.

One place where these strategies have been put to work is Naples, an affluent beach town in southwestern Florida.

From 2003 to 2006, speculator-driven price increases on high-end homes rose to 20 percent or more a year, compared with 7 percent to 10 percent in a normal real estate

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