My best advice is to wait until you talk to your doctor. I would think that losing weight will help your hips. I know it helped mine. I did not have my hips xrayed, but they hurt me a great deal when I was right at 300 pounds. I walked at first but just in 10 minute increments because my knees and hips hurt when I walked. The doctor told me that if the pain went away when I stopped walking, I was not doing any damage. As time went by and I lost more weight, I increased my walking times.
You can lose weight without exercise. Cutting back on your calories is more important. Let us know what the doctor says.
Persistence is more important than Perfection
Continuous effort - not strength or intelligence - is the key to unlocking our potential. - Winston Churchill