America's Senior Financial Services, Inc. Announces Second Major Reverse Mortgage Contract Executed; Reverse Mortgage Production Could Increase by 400%

Business Wire, June 2, 2003

Business Editors

JUPITER, Fla.--(BUSINESS WIRE)--June 2, 2003

America's Senior Financial Services, Inc. (OTCBB:AMSE) announced today it executed another Reverse Mortgage Origination Agreement with a major southeast based mortgage lender. Following a template for growth created during the 1st quarter 2003, AMSE will provide reverse mortgage products and back office support to the lender's branch offices. The lender has over 50 branch offices in Florida that once training is completed, will offer America's Senior portfolio of Reverse Mortgage products to their clients. Training will commence by the end of June and include web-based videos and on-line benefits calculators. Combined with AMSE's existing retail reverse mortgage platform, and other contracts previously announced, AMSE forecasts that its reverse mortgage business should increase by over 400% on an annualized basis.

Nelson A. Locke, AMSE CEO, commented: "This should not be confused with our announcement of May 27th. This is a totally separate contract. We are leveraging our experience to benefit more seniors through the contract relationship we have created. We will now have marketing capacity in at least 150 Florida offices. Once this system has been implemented smoothly, we will expand it to our out-of-state locations as well. We have previously reported profits for the 3rd Quarter 2002, the 4th Quarter 2002, and the 1st Quarter 2003. We recently forecast profits for the 2nd Quarter 2003, the fourth profitable quarter in a row. All business platforms are being challenged to continue this trend, and the Reverse Mortgage platform is no exception. We REPEAT that we believe that our company may be undervalued by the markets and may represent a good investment opportunity. Make your own informed decision. All our filings are up to date and can be readily viewed at www.edgar.com."

In separate news, AMSE recently provided revenue and earnings guidance for its current fiscal quarter ending June 30, 2003. Revenues are forecast to increase by at least 24% and be in the range of $2,350,000 to $2,500,000, compared to $1,900,000 million last year. Net Income is forecast to improve by approximately $725,000 and push the Company into the black for the fourth consecutive quarter, compared to a loss of $712,000 last year.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS: The Private Securities Litigation Reform Act of 1995 provides a safe harbor from civil litigation for forward-looking statements. This news release contains forward-looking statements that reflect the Company's current views as to future events and financial performance with respect to its operations. Since these statements are based on results for a portion of the current fiscal quarter they are subject to risks and uncertainties that could cause actual results for the quarter to differ materially from those set forth in this news release. Factors that might cause such a difference include the possibility of lower revenues for the balance of the fiscal quarter, greater than anticipated operating costs, issuance of additional shares, the outcome of litigation, the decline of availability of mortgages at reasonable rates, and a downturn in general economic conditions. These forward-looking statements speak only as of the date made. We undertake no obligation to update any forward-looking statements to reflect events or circumstances arising after the date on which they are made. To contact Investor Relations, email the Company at info@americassenior.com. The Company's web addresses are http://www.americassenior.com and http://www.jupiter-mortgage.com