I don't have a lot of extra skin, but what's I've founded is that general looseness of my skin had led the remaining fat to settle/sag lower, so even at 162 pounds I still look heavy in the middle and flabby in the thighs. So I lift weights multiple times a week with the goal of building strength and mass.
Weight training can add mass to fill out that extra skin, but It's a slow process, though. Adding inches of muscle requires a lot of dedication and time (years). But you feel great and look great. Even adding 5 pounds of lean mass is a major achievement (think of five pounds of hamburger - that's a lot of muscle mass to add to a human body).
It's especially effective for arm, thighs, and the chest and back. It can't, however, help much around the midsection as that area doesn't bulk up the way the others do.
In a couple years, I may consider a body lift to get rid of the extra skin and remaining fat.