America's Senior Financial Services, Inc. Announces New Reverse Mortgage Contract Executed; Reverse Mortgage Production Expected to Triple

Business Wire, May 27, 2003

Business Editors

JUPITER, Florida--(BUSINESS WIRE)--May 27, 2003

AMSE Forecasts 2nd Quarter Results

America's Senior Financial Services, Inc. (OTCBB:AMSE) announced today it executed a Reverse Mortgage Origination Agreement with a major southeast based mortgage lender. AMSE will provide Reverse Mortgage products and full back office support to the lender's branch offices. The lender has over 75 branch offices in Florida. The lender will now offer America's Senior portfolio of Reverse Mortgage products to their clients. Training will commence by early June and include web-based videos and on-line benefits calculators. Once this new distribution system has been fully energized AMSE expects its Reverse Mortgage production to triple on an annualized basis. AMSE also announced that it had several other similar contracts pending.

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.

Nelson A. Locke, AMSE CEO, commented: "This Reverse Mortgage expansion is significant. AMSE's team has valuable experience regarding the senior markets, gained by actually serving the senior market over the last ten years. Most mortgage lenders have avoided this niche because of the unique nature of geriatric marketing. It is a difficult product to market. This expansion will allow us to benefit more seniors through the contract relationship we have created. We will now have a marketing representative in at least 100 Florida offices. 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 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."

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