Ajumma (Hangul: 아줌마) is a Korean word meaning "aunt" literally, however, it is used for calling name of "married woman," which is generally only used to refer to women who are middle-aged or older.
And thus, an Ahjummilf is an Ahjumma that has that is middle aged but sexy. A cougar of sorts, one that you'd like to f*ck.
Hey did you hear? Lisa married and had a baby.
Wow, and she still looks that good? She is an Ahjummilf.