A couple of points.... The CPL exams are offered by several schools as distance learning and can save you about £1000 in course and exam fees. However, as Mad Jock points out, you are certainly not too old to fly Air Transport, and if you do the CPL exams, you rule yourself out of this option (you would need the ATPL writtens). Also add in the substantial cost of IR and M/E etc. training.
The written exams are extremely time consuming and soul-destroying. Make sure you are prepared to go through this before selling your house.
With CPL and FI(R) and the right attitude you will find plenty of work. Whether you can live on the money is another question.
Hope it works out ok for you.
QNH 1013