GMAT scores: They are valid for 5 years for the most part, so don't worry about that.
While your time off is not good (what did you do since February? most people work while taking the GMAT...were you doing anything else, nonprofit etc? Something that would look good on paper), waiting longer may not help you since you are getting older. Do you think you could improve your GMAT or is 700 a top score for you?
In order to give more specific guidance, I would need to know what school you went to, and what your GPA was. When are you planning on applying? Full time MBA? Many of the R2 deadlines have passed, while some have not and some are rolling.
What are your target schools?
Please reach out for additional assistance if you like. Good luck
-Scott
scott@personalmbacoach.comwww.personalmbacoach.com--Free application strategy discussion & initial essay review
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