Future
Aviation is going the way of the working enthusiast. People can't afford to simply be a private pilot anymore and fly on the week ends. It seems that if pilots are in for a "penny they are in for a pound". As such the airlines increasingly seem to like retired military and other financially independent types since they come with an outside income. In addition, most have older children and do not have as many home front issues.
I think there is great opportunity for older pilots in the future however I don't think they will relax the college requirement and I don't think you will earn very much or will make it to a major. At best airline wages will make a nice supplement to a military retirement but you couldn't live on it alone.
Don't forget the college. Get a four year degree or your chances will be discounted greatly. It is almost as important as getting the ratings.
PS. I am a 40 year old ex-airline pilot and I wouldn't dream of trying to support my family on regional pilot wages. Currently I am building houses instead.
SkyHigh