Afraid to lose weight because I don’t want loose skin

I am about 50 pounds overweight. I need to lose weight and I would like to as Type II diabetes runs in my family so I need a lifestyle change. Also I just don’t think I look the best right now. I’m afraid of losing weight though. I don’t want to have a bunch of loose skin. I’m more afraid of that than of being overweight honestly. I have A LOT of stretch marks so I kind of feel like it’s non avoidable. The majority of the fat is in my stomach. Is there anyway to avoid the loose skin? What can I do if I end up with a lot? Surgery likely wouldn’t be feasible as it’s probably not something my insurance would cover. I can’t express how much it would bother me. If I have loose skin, I’d likely try cutting it off myself. I have an anxiety disorder so if something is bothering me like that, I sometimes have fits of anger and will do whatever I can to fix it. I know it sounds stupid but please help me. I’d welcome advice and personal stories. Thanks