The most important thing is to determine *why* you want an MBA at this age. Why not an EMBA? If you're seeking to level up your skills, there may be ways to do that outside of a full-time program.

It's generally the case that elite MBA programs want to accept students who are relatively early in their careers, so that they have a cohort of students who will form an effective network for each other as they're building their careers after b-school. That's not to say that schools never accept older students, but you'd have to make a compelling case for why you didn't choose to go before, and why it's the right move for you at this point in your career. It's harder to get accepted at 42 than 27.

If you're not targeting the ultra-competitive programs (top 20 or so), then you may stand a better chance of acceptance. For less competitive programs, you may not need a 700 to get in. They'd likely care more about your work history than test scores. You'll still need to make a compelling case for "why business school now?", but you might not have to stress as much about the GMAT.

I'd recommend doing consultations with admissions consulting firms to see what they think - many of the ones listed on this site offer free consultations. I particularly recommend mbaMission: https://www.mbamission.com/consult/

There really isn't any advice that I would give an older student about studying for the GMAT that's different from the advice I give to everyone: learn the rules, practice with OG questions, and review carefully. Detailed plan here: https://www.beatthegmat.com/materials-a ... tml#787892

Good luck!