Do it!
I am 55 and "starting over." I had a very good career as a teacher, making high 5 figures. Easily commutable for a few months a year. I worked in a good place and had a lot of respect. I wasn't burned out, but I was bored. My life was focused on how quickly I could leave work to ride...
I went through the essays, etc last year at this time. Had a stressful interview with 5 other applicants.
The one thing I would say is evaluate your time management skills and ability to read quickly and write in a scholarly style. This is my second masters. My kids are grown and my husband can support our lifestyle. If I had the stresses of small kids or worrying about money, I would not be doing this. I look at it as my job.
I was in a doctoral program when I was 27. I lasted a year, in a 2 year program. The time was not right. I did well academically, but I was a wreck. I decided I wanted a family, instead. It was the best decision I ever made. So, there's a time for everything.
When I finish, I have to work full time for 2 years to get my license. It can't be in a "fee for service" environment, since insurance requires therapists to be licensed for that. So I will be spending 2 years, probably working in a stressful job, with difficult clients when I am 58 years old. When I am almost 60, I will be able to join a group practice or work independently. My goal is to work a flexible schedule until I can't or don't want to work any longer. Am I nuts? Maybe, but it's exciting. Most of the people in my program are making considerable financial sacrifices to be there. The tuition is 18k a year. Many are working a lot of hours. I could not have done it like that.
Good luck!