America's Senior Enters Lone Star State After Reverse Mortgage Vote.

MIAMI LAKES, Fla.--(BUSINESS WIRE)--Nov. 3, 1999--

With the passage by Texas voters of Proposition 2 yesterday, one of America's top reverse mortgage loan providers announced they will immediately begin servicing Lone Star State residents ages 62 and older.

"We look forward to working with seniors across Texas to provide this valuable and beneficial service," said Nelson Locke, president of Miami Lakes, Fla.-based America's Senior Financial Services (OTCBB:AMSE). "The changes enacted during the last legislative session and approved Tuesday by voters will now make it possible for these loans to be underwritten."

Since 1998, AMSE has been marketing seniors in the Lone Star State and has state and federal government lending authority.

Consumers interested in obtaining information about reverse mortgages should call America's Senior Financial Services at 1-800-760-5363.

The revisions to the Texas Constitution pave the way for reverse mortgages in the state to be insured by the federal Department of Housing and Urban Development as well as be underwritten by the Federal National Mortgage Association (Fannie Mae), which currently underwrites a significant number of reverse mortgages nationally. Prior to the constitutional amendment approved Tuesday, provisions of Texas law conflicted with federal law and prohibited HUD from insuring reverse mortgages.

"This redefinition of a reverse mortgage in Texas will work to the advantage of all senior homeowners in the state," said Locke. "Older Texans will now be able to turn equity in their homes into immediate tax-free cash to be used for healthcare expenses, home repairs or any number of other uses."

Founded in 1990 and specializing in reverse mortgages designed for seniors, America's Senior is among the top five largest providers of reverse mortgages in the nation and is the only public mortgage company focusing on the senior audience.

In 1999, America's Senior expects to originate more than $500 million in forward and reverse mortgages and cover 19 states with representatives and/or offices throughout the Northeast, Midwest and Southeast. The company has two dozen dedicated reverse mortgage specialists in the state of Florida alone.

Reverse mortgages are insured by HUD and offered by both FHA and Fannie Mae (NYSE:FNM
FNM Free National Movement (Bahamas)
FNM Foot and Mouth ). The concept has been endorsed by the AARP, among others, as a viable source for retirement cash flow. AMSE, whose website address is (www.americassenior.com), is a founding member of the National Reverse Mortgage Lenders Association (www.reversemortgage.org).

This release contains forward looking statements including, without limitation, statements relating to the company's plans, expectations, intentions and adequate resources, and are made pursuant to the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. Please refer to Item 2 of the company's Form 10SB for more disclosure about AMSE's results and projections.

For further information please visit AMSE's website at (www.americassenior.com), or call our investor relations representative Laura Bennett at 407/425-6040.