Need time to heal- am I doing the right thing?

Hi guys, I needed some advice. Earlier this year I escaped an incredibly toxic and abusive relationship that put me through hell. I know I need time to heal, it’s been 5 months since the break up and a new guy who I’ve known for over two years has popped back up into the picture. He was very honest with me stating that he has feelings for me and I told him straight up I need more time. But I’ve been incredibly stressed about all of it and I don’t want to feel like I’m stringing him along and being “just friends” until I’m ready and have him wait on me like he says he will. I was thinking about being blatantly honest with him and just ending it entirely, but wanted your thoughts. Is this the right thing to do/say? If you got a text like this, would you be understanding?