Hi Pam, I think the loose skin is due mainly to the weight loss and (I am sad to say) also to loss of elasticity in the skin due to aging.

I am 46 and have lost 70 lbs over 18 months. I have loose skin mainly in my thighs and upper arms. It's not fair that I still have batwings after losing the weight - the fat's gone but the skin is still there!
I have read lots of threads on this forum about this topic. Maintenance chicks do say that this situation tends to improve over time. I personally think exercise, drinking lots of water, and slathering on moisturizer also can't hurt.
In the end, I prefer the loose skin to the fat. The skin can be hidden or disguised. Anyway, just wanted to say, I feel your pain!