Define variables

Let the father's present age be $F$ and the son's present age be $S$. Given $F + S = 60$, so $S = 60 - F$.

$S = 60 - F$

Set up the equation for 5 years ago

Five years ago, their ages were $(F-5)$ and $(S-5)$. Their product is given as 525.

$(F-5)(S-5) = 525$

Substitute and solve for F

Substitute $S = 60 - F$ into the product equation: $(F-5)(60 - F - 5) = 525 \Rightarrow (F-5)(55 - F) = 525$. Expanding gives $55F - F^2 - 275 + 5F = 525$, leading to $F^2 - 60F + 800 = 0$.

$F^2 - 60F + 800 = 0$

Solve the quadratic equation

Factorize the quadratic: $(F-40)(F-20) = 0$. This gives $F = 40$ or $F = 20$. Since the father must be older than the son, $F = 40$.

$F = 40$