"We have a script and I believe we will get it made," Winter told Empire. "But we're in that zone of putting it together, which maybe Dumb And Dumber To was in for a while. Chris (Matheson) and Ed (Solomon) are two very sought-after Hollywood screenwriters and we're waiting for them to come back with another draft. It's just the four of us: it's not like there's a big, cigar-chomping money guy interfering. There are people with money who are interested, but the ball is in our court as to how we want to organize it financially. I hate to say this because it might tick off the fans, but it doesn't really matter if the movie happens now or in a couple of years, given what it's about and how it plays with what's happened to us. There's a sweetness to that which will get only better with age. That somehow we haven't changed in 20 years - life has grown up around us and yet we're untouched."
"I think to be in your 50s and to do Bill & Ted… it makes me smile. What happened to these guys?" Reeves said in a conversation with IGN.
Explaining why he believes Bill and Ted endure nearly 25 years after their first film's release, Reeves said, "They’re fools in a classic storytelling sense, and I think it goes back to that hopeful lifeforce that is contagious. You root for them. And I think that turns into affection."
He added of the sequel they're working on, "If we bring in the idea of mortality – the fools coming up to mortality I think that is relevant."
Of course, they've faced mortality in a very literal way before; in Bill and Ted's Bogus Journey, the pair had to outwit the Grim Reaper (played by Iron Man 3's William Sadler). But that's probably not the way Reeves is talking about.
You can see much more on the film at the IGN link; it's the first time in ages we've seen the pair talk specifically about Bill & Ted rather than touching on it while discussing other films.