Once you’re retired it’s impossible to refinance a loan — even your home equity loan.
If you’re planning to live out your life in your condo, this would be a good time to look into a reverse mortgage. That will pay off your home equity loan — and give you a monthly tax-free check for as long as you live there. When you move out, or pass on, the loan will be repaid from the proceeds of the sale. Your heirs get the balance– or they can pay off the loan. But they can never owe more than the condo is worth.
But if you are thinking of moving into a senior community, then just sell the condo outright, pay off the loan — and put the balance in the bank. It won’t earn you any money– but it will be safe!