Hmm. We are almost 50, our only debt is the mortgage. We drive really old cars though and have two kids approaching college (though we've saved a good bit for that). I would:
1. Consult financial advisor to determine whether it was better to invest at least half of it or pay off the mortgage.
2. Buy 2 new cars, get some new furniture, spruce up the house, redo the kitchen.
3. Take some nice family vacations.