Is it ever too late in life to start exercising?

Generally no. You can almost always increase your activity level and have a positive impact on your cardiovascular fitness and overall health. If you have underlying medical conditions discuss your fitness goals with your physician. Start slowly and gradually build the intensity, impact level, and training volume (many runners follow a 10% rule for week to week increases). Good luck.
No. It is never to late but you will get more benefits the earlier you start.