The Fraxel treatments do not really tighten the skin and are best for simple pigmentation matters and fine lines. Depending on your exact problem and you do not need blepharoplasty your best bet would be the fractional CO2 Laser. This laser will improve the skin tone around eyelids, improve skin texture and reduce lines and wrinkles.
fraxel works very well for hyperpigmentation problems and for superficial-moderate wrinkles, but it will not actually tighten loose skin. lower eyelid appearance is often a result of a combination of these factors and some others, so fraxel alone will often not adequately remedy the appearance.