While it's tempting to say that the city was named after Paul Revere, it would seem a bit odd to me, as Paul Revere never had anything to do with this place. Given the once predominant Italian population here (still predominant on the very northern tip, called the Point of Pines), I'm more tempted to say that it's named after the Italian Revere, some 60 km south of Verona.
About 40% of Revere is either open water or marsh. They say the first naval battle of the American Revolution took place on Rumney Marsh in 1775.
A bit before 1900, Revere Beach became a popular resort. It remained that way until the 1950s, and now, due to intensive efforts by the Metropolitan Disctrict Commission, is still a public beach--the oldest one in the US.