Is it fruitless to give an old flame another try?

An old flame of mine professed his love for me the day before yesterday. I am still in love with him and know that I always will be. I know that the words he spoke to me were genuine and true. We have been friends for years despite everything we have been through. We dated about 8 years ago. However, we were only 14 at the time. We are very close and have an unspoken bond and understanding for one another. He told me that he kept his feelings from me all of these years out of fear. He said he was afraid because he knew his love for me was true and he has never felt that for anyone else. I am afraid of being hurt again, but I know that we could be very happy together. What should I do?