Over 50 and Weight Loss Effect on Body

I'm in my mid-50s and finally feel like I have time and energy to take care of myself. I have 60 pounds to lose (at least that's what I think...I've been carrying around this weight for a long time!). How does the body react to weight loss at this age? Will the skin shrink up at all? Do your joints feel less pain? I suppose I know the answers but I want to hear it from people who have already done it. And feel free to add any other changes you've noticed.

THANKS!