40!? You're still a baby(well compared to me anyhow).
Drop the lbs. You can do it.
Limit your simple carbs, esp. bread and start sprinting. 30 second sprint- 60 seconds rest. do that 4-8 times twice a week and you will melt the fat off. Throw in some chin ups here and there as well.
You get an "afterburn" after sprinting that keeps burning fat.
My public message for the day.
I'm turning 40 in October and listening intently...as are my love handles.