I am approximately same as you only slightly lighter in weight 95kg (circa 220 lbs?), relatively healthy. What I did - after checking with doc my problems are not medical but lifestyle ones, I asked advice from professional physical education person. She suggested I start not too hard and choose safe ones: water running, nordic walking, about few hours for week altogether. She suggested I avoid common running for sake of bone joints after 40+ not perfect and there is risk of other traumatic things. She also said I can mix in bike into exercise cocktail but keep in mind bike raises about 5 times distance you can run on same energy consumed, raises risks of trauma (and it materialized in few months) and make top part of your body less comparing with those water running and nordic walking.
To sum it up - bike is good for weight control exercise but not perfect and should be used as secondary mean, to keep good variety and less boredom. Not much bike-answer but it puts bike into your context.