Everybody returns to embrace old woman (4)
I believe the answer is:
lola
'woman' is the definition.
'everybody returns to embrace old' is the wordplay.
'everybody' becomes 'all' (I've seen this before).
'returns' says the letters should be written backwards.
'to embrace' is an insertion indicator.
'old' becomes 'o' (common abbreviation eg in OE for Old English).
'all' reversed gives 'lla'.
'lla' enclosing 'o' is 'LOLA'.
(Other definitions for lola that I've seen before include "song by 4 [THE KINKS]" , "Whatever -- wants (song); -- Montez, mistress of Ludwig I" .)