Is it typical for 40-50 year olds to have level 3 chrondomalicia patella? what can be done for this?

Yes.: Unfortunately, chondromalicia is common. The cornerstone of its treatment is non-operative measures to include avoiding exacerbating activities (eg stairs, hills, squatting), nsaid's, tylenol, (acetaminophen) ice, open patellar sleeves/braces, quad strengthening exercises (either at home or with pt), etc. If you have tried those things and are still having pain, there are surgical options. If so, see an ortho doc.

Not typical: Chondromalacia of the patella is common but not typical for your fourth/fifth decade. Symptoms of crunching, swelling and pain can be managed in various ways. The cartilage breakdown or fibrillation can be slowed or tempered by exercise and medications such as nsaids, steroid injections, viscosupplementation injections (e.g., synvisc). Arthroscopic debridement or chondroplasty is rarely indicated.