Good luck to both of you guys!
I've never been more than just a little flabby, but I've gained weight and lost weight, and here's what i found: Do NOT starve yourself! Instead, eat smarter. Eat something nutritious for breakfast; it gets your body going and helps you properly digest lunch. Avoid pigging out at dinner, especially late dinners. And be smart about snacks, too... have a couple of carrots instead of potato chips, stuff like that. Drink water or real juice, not corn-syrup-loaded soft drinks or sports drinks loaded with salts and enzymes.
How you feel and how you look is much more important than your weight. Muscle weighs more than fat, another thing to remember. As you try to trim down, do yourself a favor before each time you step on the scale: stand in front of the mirror, have a look, and ask yourself how you feel. That is much more important than a number (once you're out of the "danger zone" for weight-to-height, that is).
And exercise... if you don't do something, anything, to boost your body's demand for energy from the food you eat, dieting won't work.
Cycling is a great weight-shedding exercise, and it morphs your metabolism... serious cyclists pig out on carbs, etc but are usually pretty trim.
At the peak of my interest in cycling, I was riding about 10 miles a day, and I was in fantastic shape. I was younger, but older than you are now. I got into it the last time I quit smoking, and I felt better than I had in years once I got into shape. Stamina, strength, sleep patterns all improved... and my eyes were bright and my coat very shiny.

Cycling is super-aerobic but low-impact, perfect if you're out of shape, but be careful that the bike is set up right for you and to not hurt your knees, back, or neck. Take it easy at first, but push yourself a little now and then. I did two solo tours with 25 lbs of camping gear thru the Adirondacks and Green Mountains- 700 miles the first time, 800+ the second- so I know from what I speak.
I think it's more fun than running... me, I don't run unless something's after me.

the uphills are rough, but for every uphill there is a downhill... speed is your reward.

But any old exercise is good: yoga, weights, swimming, calisthenics, walking, treadmill, whatever.