Yes, you have read the title right. The HTC One M7 can now be updated to Android 5.0.2 but it is not from official sources. In detail, the update can be applied with the Liquid Smooth ROM that has just been released by XDA.
We highly encourage every HTC One M7 user to apply the LS ROM as it is free of any major issues on the smartphone. Besides, the chances for HTC to update the One M7 are very slim. This is solely because of the age of the One M7.
With that being said, you can head over to XDA and claim the LS ROM. The LS ROM contains the Android 5.0.2 Lollipop OS and it is designed specifically for the One M7.There, you will also be able to find an installation instruction that is really easy to follow.