A home equity conversion mortgage (HECM) is a type of reverse mortgage that allows seniors to convert a portion of their home's equity into cash. It is insured by the Federal Housing Administration (FHA) and is designed specifically for homeowners aged 62 and older.

Seniors in Boston can benefit from HECM in several ways:

1. Supplement Retirement Income: HECM provides an opportunity for seniors to tap into their home equity and receive regular payments or a lump sum, which can supplement their retirement income. This can be particularly helpful for seniors in Boston who may be facing rising living costs or unexpected expenses.
2. Delay Social Security Benefits: By using a HECM, seniors in Boston can delay claiming their Social Security benefits. This strategy can be advantageous as it allows seniors to increase their monthly Social Security income by deferring benefits until a later age when the monthly payments are higher.
3. Pay for Home Modifications: Boston has a large number of older homes that may require modifications to make them more accessible and age-friendly. With a HECM, seniors can use the funds to make necessary home modifications, such as installing ramps, grab bars, or elevators, to improve safety and mobility.
4. Cover Healthcare Expenses: Seniors in Boston can utilize HECM funds to cover healthcare expenses, including medical bills, long-term care costs, or purchasing health insurance. This can provide financial stability and peace of mind, especially as healthcare costs continue to rise.

It's important for seniors to carefully consider the terms and conditions of a HECM, as well as consult with a reputable lender or financial advisor to understand the potential risks and benefits.

For more information about HECM and its benefits, you can refer to the official website of the U.S. Department of Housing and Urban Development (https://www.hud.gov/).

Remember, always seek professional advice before making any financial decisions.