Yes, it is definitely possible and something you should do anyway even if it's just for general health and well being. I'm 44 and so is Eddie himself! I have several members in my gym that are well into their 40's as well and all of them are improving their flexibility. Even though Tyler is correct in that angle is very important, being more flexible definitely helps and opens up more options. Without the flexibility, you will be limited in which techniques you can hit just like in TKD, Savate or any other kicking art. The more flexible you are, the more you can do. It's not absolutely necessary to hit those techniques, but man it helps and makes it more fun! (Which is also true in traditional BJJ, too, btw)
The good news, though, is that you are not trying to achieve some sort of super freak flexibility. It's mainly the full lotus that you'd be trying to achieve in any yoga class. It just takes serious commitment and dedication and you can do it!
Good luck!