Getting back together: Nightmare or Dream Come True?

Okay, so I'll give a quick background. I am a junior in college and have the chance to get back with one of the guys I was with before. I can't say ex bf because we never made it official.
My freshman year, I got together with a senior. We continued to see each other, broke things off for a week because I wanted more, but then got back together because he said we would work towards something. In total we were together for almost 5 months before he ended things and then started dating someone else for a little over a year.
To say that I wasn't falling in love with him would be a total lie. I also have not stopped thinking about him since we ended things and have always dreamed about getting back together. I went through a ho stage and slept with a few guys within the time we've been separated, but I think I could never commit to someone because I always had that what if and hope in the back of my mind.
Well, we recently just started talking again and I couldn't be more happy. I've had such a huge smile on my face and everything seems to be right in my life again. We talked about the past, he apologized and we talked about the future. He said he's not ready for a relationship but would love to be friends and have something casual.
I'm in this stage of my life where I am thinking that if something makes me happy now, I'm going to do it or take it even if it ends up hurting me later on. I feel like living in the now is better than thinking about the future. I want to be with him, no matter how I can be. But, I am nervous about getting my heart ripped out again. Is it worth it?