Unfortunately, there is a good chance you will have some loose skin.
I lost 50 pounds and am close to your age. I have a little bit of loose skin on my stomach, particularily around my belly button. I initially assumed it was cellulite (they are somewhat similar in appearance) and that it would go away once I started seeing ab definition, but now I have a four pack and still have a slight bit of a deflated balloon for a stomach.
On the up side, it's a small price to pay for being (in your case) 60 pounds lighter! The loose skin won't be noticeable unless you're naked or wearing a bikini and even then, there will be PLENTY of people at the beach or the pool who will look MUCH worse in a bikini than you will.
Fit and fabulous forbids one from feeling frumpy!
*Maintaining my weight loss (give or take; this IS a constant journey) from October '07 onward
* I could not have done it without all the support from the lovely ladies (AND gentlemen) on this site!
My GOAL Story