Can one improve the elasticity of their skin?

I'm 50-yrs old and over the past 2 years I have lost 157 lbs. I am now seeing very flabby arms and stomach. I'm worried that this will not improve much after I lose the next 60 lbs. I'm just wondering if there is anything at all that I can do to help my body adjust to the morphing down. I know exercise will do a lot. But I'm worried about the elasticity of my skin. Should I be using some kind of lotions and/or maging to help? This is bothering me. A lot. After working so hard to slim down, I'd like to look good. At least not look like some freak. Any suggestions?