Yes, orthostatic hypotension would usually occur within 3 minutes of changing from a horizontal to vertical position. There is, however, a phenomenon described in the literature as "delayed orthostatic hypotension" which would occur outside of that 3 minute window. Not much is known about the underlying mechanism, though.
Some neurologists have speculated that it is an early sign of sympathetic adrenergic failure.
In my mind, there are several factors which could be causing the lightheadedness:
- The OP's blood pressure naturally runs on the low side of normal.
- He might be on an alpha blocker for BPH.
- There's a physiological mechanism which redistributes his blood supply underwater (more blood to core) that is being reversed upon exiting the water.
- There's a physiological mechanism (baroreceptor reflex) that normally prevents orthostatic hypotension when changing position from horizontal to vertical but it's somehow being inhibited (perhaps by alpha blockers?).
- He could be a little dehydrated.
I'll admit that the delay of symptom onset is a little perplexing. Perhaps it's related to the interplay of the above factors and the increased physical exertion of moving heavy gear from the pool to the car.
If the OP and his PCP want to pursue a medical diagnosis aggressively, the OP could expect a fairly comprehensive CV workup and possible tests to rule out neurological (autonomic dysfunction?) and endocrine issues. His doctor might also try to switch away from alpha blockers (if he's currently on them) for BPH treatment.
Let us know how everything works out...