But certainly don't expect to do any airline flying
Well in answer to the original question, it certainly is possible but if you don't get a job immediately and have to instruct for a while, the overdraft certainly increases just a tad.
I also started at 39, now 47 and flying right seat 737 for a large UK operator. Flew air taxi, instructed, Dash 8 for 2 1/2 years on which I turned down a command to take the jet job. Have also turned down 2 jet jobs previous to the current one for personnal reasons.
So it can be done but in hindsight would probably not do it again.