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November 5, 2009

Letter: Here's the deal for living at Brooksby Village

To the editor:

The Oct. 10 article about Brooksby Village ("Brooksby residents brace for future") contained some inaccuracies.

It states, for instance, "Residents sell their house before they move in and Brooksby takes the money from the sale and invests it for as long as the seller lives there. During that period, Brooksby keeps whatever interest the sale money earns and the residents pay a monthly fee between $1,300 and $2,400. When the resident departs, the price of the house is refunded to them or their heirs."

The first line above reads like Brooksby gets all the money you were paid for your house, and they invest it for you. Not true.

The fact is each apartment at Brooksby has a refundable deposit price that varies according to its size, number of bedrooms, baths, etc., and not whatever you sold your house for.

If the Brooksby refundable deposit price for the apartment is $225,000, and you sold your house for more than that, you keep the rest to do whatever you want with it.

There are residents at Brooksby Village who moved in without selling a house, and some who didn't have a house to sell. Some who gave their houses to their children or to their favorite charity pay their monthly rental fee with dollars, which are quite acceptable.

David Demeter

Brooksby Village resident

Peabody

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