Is this True: The older your hubs get the more passive money they make you? or not.?

Yes this is true.

This is because after you publish a hub you will initially get a few views through Hubpages but not much else...

After six - twelve months search engines will start to pick up your article and start to list them. This will increase your views.

Hopefully things will pick up if your article is worthwhile, and it will organically grow continuously.