UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-QSB

(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2001

OR

(   ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File No. 0-25803

AMERICA'S SENIOR FINANCIAL SERVICES, INC.
 -----------------------------------------------------------------
(Exact name of small business issuer as specified in its charter)

                    Florida	        		       65-0181535
-------------------------------------------------  ------------------
(State or other jurisdiction of 	(I.R.S. Employer Identification No.)
 incorporation or organization)
	9501 N.E. 2nd Avenue
	Miami Shores, FL 33138
	----------------------------------------
	(Address of principal executive offices)
	(305) 751-3232
	----------------------------------------------------
	(Registrant's telephone number, including area code)

	15544 N.W 77th Court
	Miami Lakes, Fl. 33016
	(305) 828-2599
	----------------------------------------------------
	(Former Address and telephone number)

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes 	       X       	No

Number of shares outstanding of each of the issuer's classes of common equity:

As of June 30, 2001, the Company had a total of 12,824,428 shares of Common
Stock, par value $.001 per share (the "Common Stock"), outstanding.

Transitional Small Business Disclosure Format:	Yes [   ]		No	[ X ]






AMERICA'S SENIOR FINANCIAL SERVICES, INC.
FORM 10-QSB
QUARTER ENDED JUNE 30, 2001



INDEX

	PAGE NO.
	--------------
PART I
Item 1.	Financial Statements	3-6
Item 2.	Management's Discussion and Analysis of Financial Condition
	and Results of Operations	7-12

PART II
Item 1.	Legal Proceedings	13
Item 2.	Changes in Securities	13
Item 6.	Exhibits and Reports on Form 8-K	13

SIGNATURES	14
































2
AMERICA'S SENIOR FINANCIAL SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

ASSETS							30-June-01	31-Dec-00
							(Unaudited)
CURRENT ASSETS:
Cash and cash equivalents			$    476,382	$   463,079
Brokerage fees receivable		           715,965	    289,891
Employee advances				            13,784	      1,300
Mortgage loans held for sale			  27,644,365	  3,976,845
Prepaid expenses					     393,471	    346,561

TOTAL CURRENT ASSETS 		 	 	  29,243,967	  5,077,676

PROPERTY AND EQUIPMENT, net			     334,682	    368,558

OTHER ASSETS
Goodwill, net					   4,710,007	  4,838,953
Notes receivable					     250,000          250,000
Other assets					      70,151	     73,585

	TOTAL OTHER ASSETS 			   5,030,158	  5,162,538

	TOTAL						 $34,608,807      $10,608,772

LIABILITIES AND STOCKHOLDERS EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt
 and capital lease obligations 	    $        9,550	$    44,471
Lines of credit					     638,543	    149,091
Warehouse lines of credit			  27,483,707	  3,961,286
Accounts payable					     632,427	    648,415
Accrued liabilities				   1,108,372	  1,026,085

	TOTAL CURRENT LIABILITIES		  29,872,599	  5,829,348

CAPITAL LEASE OBLIGATIONS, less current portion 43,785	     32,600

LONG TERM DEBT, convertible debentures	          -	 	  1,136,000

STOCKHOLDERS EQUITY:
Preferred stock, $0.001 par value; 10,000,000 shares
Authorized, 4,284,669 shares issued
 and outstanding		         		      4,285	            4,118
Common stock, $0.001 par value; 25,000,000 shares
Authorized, shares issued and outstanding, 12,824,428 at
June 30,2001 9,406,326 at December 31, 2000.   12,824	            9,406
Additional paid in capital			 14,795,317        14,086,285
Retained earnings (deficit)			(10,575,660)      (10,395,979)
Income Year to Date			 	    455,657	   	    (93,006)

	TOTAL STOCKHOLDERS' EQUITY		  4,692,423	  	  3,610,824

TOTAL						     $ 34,608,807       $10,806,772
See notes to consolidated financial statements
3
AMERICA'S SENIOR FINANCIAL SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATMENTS
(UNAUDITED)
					       THREE MONTHS	SIX MONTHS
					     ENDED MARCH 31,       ENDED JUNE 30,
					2001	    2000	  	2001	 	 2000

REVENUES			$1,793,260      $1,904,410	$3,740,871	$3,403,203

EXPENSES:
Payroll and related
Expenses			 1,354,093	 1,259,341		2,678,927	 2,518,347
Administrative, processing
and occupancy		   450,721	  1,289,296	  	 983,799	 1,807,097
Depreciation		    21,120 	     21,802	    	  42,239	    43,602
Goodwill amortization	    64,473	     64,472	 	 128,946 	   128,944
Acquisitions, mergers
and investment related
expense			   191,522		 		 402,471

	TOTAL EXPENSES	 2,081,929	 2,634,911		4,236,382	 4,497,990

LOSS FROM OPERATIONS	 (288,669)	 (730,501)		(495,511)   (1,094,787)

OTHER

Interest Income		  		  		  			    (3,600)
Interest expense	        26,946	   25,677		  35,524	    41,985

	Total other, net    26,946       25,677	   	  35,524 	    38,385

INCOME/(LOSS BEFORE EXTRAORDINARY ITEMS
AND INCOME TAXES		(315,615)	 (756,178)	 	(531,035)	(1,133,172)

EXTRAORDINARY ITEMS
Gain on settlement of Debenture
(No applicable income tax)		  		  	 986,690


PROVISION FOR INCOME TAXES			         -	        -     _  	       -	        -

	NET INCOME/(LOSS) (315,615)	 (756,178)	 	 455,655	(1,133,172)

INCOME/(LOSS PER COMMON SHARE:
Basic				$ (0.025)	$    (0.084)	 $ 0.047	  $ (0.131)

Diluted			$ (0.025)	$    (0.084)	 $ 0.047	  $ (0..131)

Weighted average common
shares outstanding   12,824,428	 8,958,942		9,625,227	 8,659,083


See notes to consolidated financial statements


					4

AMERICA'S SENIOR FINANCIAL SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)

						       SIX MONTHS
						     ENDED JUNE 30,

CASH FLOWS FROM OPERATING ACTIVITIES	2001		2000

Net Income / (Loss)					$ 455,655 	$ (1,133,172)

Adjustments to reconcile net income / (loss) to net cash
Provided by (used in) operating activities:
Depreciation and amortization			    	  171,185		172,546
Extraordinary item settlement of debenture	 (986,690)
Common stock issued for services			  595,938	    	161,486
Common stock issued for deposits			            		      25,000
Changes in certain assets and liabilities:
Brokerage fee receivable				(426,075)	       (3,499)
Employee advances					   	 (12,484) 	       (6,432)
Prepaid expenses					   	 (46,910)	     	(75,863)
Other current assets and liabilities, net		  (2,564)	       60,719
Accounts payable					  	 (11,426) 	  	277,334
Accrued liabilities					 (16,975)	     (173,694)

NET CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES				  	(280,346)	     (695,575)

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase / Sale of property and equipment		 (8,363)	       (4,503)
Acquisition expenditures, net of cash required      -			460,219
Increase in Mortgage loans				  (42,105)	   (1,228,857)

NET CASH USED IN INVESTING ACTIVITIES	 	 (50,468)	     (773,141)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock, net	   30,000		112,292
Other capital contributions				      -	        6,035
Net borrowings under line of credit			  483,206	 	990,036
Due from shareholder				         -			 20,734
Change in long-term debt				 (169,089)	        1,579

ET CASH PROVIDED BY FINANCING ACTIVITIES	 	 344,117	    1,130,676

NET INCREASE /(DECREASE IN CASH AND CASH
EQUIVALENTS					    		  13,303	   (338, 040)

CASH AND CASH EQUIVALENTS, beginning of period	  463,079	     402,373

 CASH AND CASH EQUIVALENTS, end of period		$ 476,382	       64,333


See notes to consolidated financial statements

						5

AMERICA'S SENIOR FINANCIAL SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)

(continued)
							       SIX MONTHS
							     ENDED JUNE 30,

							2001		  	2000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid in cash during the period	$ 25,949		$  7,194
Income taxes paid in cash during the period   -		         -

SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
During the first quarter 2001, the Company recognized $20,400 of expense
 related  to the vesting of restricted stock issued to employees.
During the first quarter 2001, the Company issued 1,313,800 shares valued at
 $307,683 for services.
During the first quarter 2001, the Company issued 1,375,000 shares valued at
$171,875 for settlement of the debenture lawsuit.  This included shares for
professional assistance in settlement of this lawsuit.
During the second quarter 2001, the Company issued  990,000 shares valued at
$106,450 for services.
During the second quarter 2001, the Company issued  110,000 shares for employee
retention.






























					6






	PART I

ITEM 1.	FINANCIAL STATEMENTS

Note 1, Basis of Presentation

The unaudited, condensed, consolidated financial statements included herein,
commencing at page 3, have been prepared in accordance with the requirements of
Regulation S-B and supplementary financial information included herein, if any,
has been prepared in accordance with Item 310(b) of Regulation S-B and,
therefore, omit or condense certain footnotes and other information normally
included in financial statements prepared in accordance with generally accepted
accounting principles. In the opinion of management, all adjustments
(consisting only of normal recurring accruals) necessary for a fair
presentation of the financial information for the interim periods reported have
been made. Results of operations for the six months ended June 30, 2001 are not
necessarily indicative of the results that may be expected for the year ending
December 31, 2001. These financial statements should be read in conjunction
with the Company's Form 10-KSB, as filed with the Securities and Exchange
Commission on April 13, 2001.

Note 2, Gain / Loss Per Share

The Company follows the provisions of SFAS No. 128, "Earnings Per Share," which
equires presentation of basic earnings per share including only outstanding
common stock, and diluted earnings per share including the effect of dilutive
common stock equivalents. The Company's basic and diluted income or losses per
share for all periods presented are the same since the Company's convertible
debentures, stock options, and warrants are anti-dilutive.  Earnings per share
from continuing operations equated to (0.025) for the period ending June 30,
2001.  Year to date earnings per share from continuing operations equated to
(0.055) Earnings per share for the extraordinary item of the debenture
settlement equated to 0.102.  For the year 2001 to date, total earnings per
share are 4.7 cents.


Note 3, Income Taxes

	The Company follows the provisions of SFAS No. 109, "Accounting for Income
Taxes." In accordance with this statement, the Company records a valuation
allowance so that the deferred tax asset balance reflects the estimated amount
of deferred tax assets that may be realized.  Therefore, the deferred tax
assets generated by the net losses in the periods presented have been offset in
their entirety by a deferred tax asset valuation allowance.





						7










Note 4, Convertible Debentures

	In May 1999, the Company entered into a Securities Purchase Agreement,
pursuant to which the Company issued $2,500,000 of 3% convertible debentures,
which if still outstanding, would have been due on May 6, 2002, and common
stock purchase warrants for 34,383 shares at $8.70 per share, which expire May
31, 2004. The Securities Purchase Agreement, among other terms, allowed the
Company to require the buyer to purchase additional convertible debentures up
to $7,500,000, if certain criteria were met with regard to the trading prices
and activity of the Company's common stock. These criteria were not met. The
holder of the debentures had the  option to take the interest due them in
either cash or Company common stock. The debentures were convertible into
common stock at the option of the holder, and were converted at a price of the
lower of (a) $8.70 per share, or (b) 85% of the average closing bid price for
the common stock for 5 of the 20 trading days ending immediately before the
conversion. At the time the Company entered into this agreement the debentures
would be convertible at $6.16 per share of the Company's common stock.  The
Company and the debenture holder subsequently disagreed on the holder's
practices regarding their sale of the Company's securities into the market. As
a result of this disagreement, all requests for additional conversions were
suspended. On September 11, 2000 the Company was served a Complaint filed in
U.S.District Court, Southern District of New York, by Fennell Avenue LLC
against America's Senior Financial Services, Inc. The suit sought damages for
our refusal to deliver certain shares of our common stock to the Plaintiff upon
Plaintiff's conversion of certain of our convertible debentures. We believe
that we were justified refusing the request for conversion and vigorously
defended this matter. The Plaintiff sought the balance of the principal amount
of the convertible debenture, accrued interest, any profit they would have
received upon conversion of the debenture into common stock, attorney's fees
and such other relief as the Court may deem just and proper.

During the first quarter of 2001 the lawsuit was settled and the Company issued
1,250,000 shares of common stock in exchange for $1,153,045 of debt.  The
Plaintiff must comply with certain restrictions regarding the eventual sale of
this stock into the market. The terms of the restrictions are contained in the
settlement that can be viewed on the Form 8-K that was filed on March 1, 2001.
As a result of this settlement, the matter is considered closed, so long as the
Plaintiff complies with the restrictions as discussed in the 8K. An
extraordinary gain of $986,690 resulted from this transaction.







						8








At this writing, the Company has complied with all the terms of the Settlement
Agreement and the Plaintiff is in default.  The Plaintiff has failed to comply
with certain reporting requirements and has failed to respond to the Company's
numerous requests for information, to both the Plaintiff directly and its
counsel(s).  As a direct result, the Company is preparing legal action against
the Plaintiff to enforce the Settlement Agreement.


Note 5, Loans held for Sale/ Warehouse Line of Credit

	 As part of Jupiter Mortgage Corporation acquisition, completed in August
1999, the Company obtained certain loan funding credit facilities. As a result,
the balance sheet of the Company includes a "Warehouse line of credit" and
"loans held for sale." The warehouse line of credit is used to fund loans as
they are produced, and this line of credit is secured by the mortgages.

Note 6, Secured Convertible Demand Promissory Note

During 2000 the Company paid off several outstanding lines of credit, retiring
$210,000 in short term debt.  The Company executed a $259,000 secured
convertible demand promissory note with a third party, which retired the above-
mentioned lines of credit and provided the Company with additional working
capital. The Company also funded certain types of loans through such third
party's mortgage subsidiary. Subsequent to this filing, the $259,000 note
referenced above has been paid off from working capital, and the creditor has
placed the original note and collateral with the Company's special counsel
pending completion of a final compliance audit by the parties.





















						9










ITEM 2.	MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS

INTRODUCTORY STATEMENT

	The Private Securities Litigation Reform Act provides a "safe harbor" for
forward-looking statements. Certain statements included in this form 10-QSB are
forward looking and are based on the Company's current  expectations and are
subject to a number of risks and uncertainties that could cause actual results
to differ significantly from results expressed or implied in any
forward-looking statements made by, or on behalf of, the Company. The Company
assumes no obligation to update any forward-looking statements contained herein
or that may be made from time to time by, or on behalf of, the Company.


RESULTS OF OPERATIONS

Total Revenues from loan operations for the three-month period ending June 30,
2001 were $1,793,260 versus $1,904,411. Total Revenues for the six-month period
ending June 30, 2001 were $3,740,871 versus $3,403,203 for the comparable
period in 2000. This is an increase over the prior year of  $337,668 or 10
percent.  The Company's forward mortgage origination platform experienced a
sales increase year to date 2001 directly benefiting from demand created by
declining interest rates and from our internal focus on better execution. We
believe that these results demonstrate our ability to capture greater sales
from existing units while continuing to execute our strategy for "organic
growth".  For example, during the six-month period ending June 30, 2001 the
Company operated 11 offices -down from 14 offices during the prior year. This
demonstrates that we continued to increase sales while closing unprofitable
units. However, the Company's reverse mortgage origination platform experienced
a sales "slowdown" as management restructured the operation. The Company made
major changes in personnel and modified its reverse mortgage marketing concept
significantly. These changes are being implemented now and results should show
in the second half of the year 2001. These changes include a renewed focus on
the HUD approved "Applicant Assistance Program" which allows qualified
financial services professionals to benefit when they identify reverse mortgage
clients and provide them to the Company. We also made proposals to certain of
our Industry Partners to re-invigorate our reverse mortgage marketing efforts
nationwide, but on a more limited basis than in 1999 and 2000.  The emphasis
outside Florida and Colorado has been changed to one of lead generation only
with the Company receiving fee income for partnering with other sources that
can more effectively process and close the "out of area" loans.




10





However, the Company continues to seek out a federally chartered savings and
loan which would allow the Company to expand both its forward and reverse
mortgage originations to a nationwide reach, without the onerous expense of
individual state licensing and regulatory compliance issues.


Total expenses from ALL operations (production related and corporate office
related) for the three-month period ended June 30, 2001 were $2,081,929 versus
$2,634,911 (-21%) for the three-month period ended March 31, 2000.    Total
expenses for all operations for the six-month period ended June 30, 2001 were
4,236,382 versus 4,497,990 (-6%) for the period ended June 30, 2000.
Operational costs decreased in relationship to revenues produced. This
improvement in expenses is partially attributable to the ongoing consolidation
strategy that will ultimately result in the Company combining all its back
office and production processes into its Jupiter Mortgage Corporation
subsidiary.  As discussed above, this strategy was publicly announced in June
2000 and is almost complete. In June 2000 the Company had 3 duplicated back
office operations. By the end of the 2nd quarter 2001 most of these duplicated
functions had been combined into one. While certain branch office processing
functions will be preserved the Company's loan operations, accounting,
personnel, and certain marketing functions have been centralized.

Included in the above expenses for the second quarter 2001 are AMSE corporate
office expenses of  $271,802. These are from accruals and other operational
costs NOT directly attributable to the Company's loan production, of which
$207,932 was non-cash. These expenses are related to the amortization of
marketing and advisor contracts that date back into the prior year. In
addition, the corporate office expensed costs associated with the creation of a
valuation report to determine how an outside financial analyst would value the
Company given its improving balance sheet and sales performance. The report was
made public in July 2001, and is available at the Company's website for
downloading and review.

Total other expenses for the three-month period ended June 30, 2001 were
$26,946 versus $25,677 (+5%) for the three-month period ended June 30, 2000.
Total other expense for the six-month period ended June 30, 2001 were $35,524
versus $38,385 (-7%).    This reduction was attributable to lower interest
costs.

Therefore, Income (EBITDA BASIS) from actual loan operations for the three
month period ended June 30, 2001 was $60,966. Income (EBITDA BASIS) from actual
loan operations for the six-month period ended June 30, 2001 was $181,456.





11













LIQUIDITY AND CAPITAL RESOURCES

As previously discussed, the Company has been seeking to raise working and
expansion capital through the sale of its securities. As a result of the
Company's improving balance sheet and increased sales trend institutional
investors have made several investment proposals. Although there can be no
assurances that any agreements will be reached, the Company is actively
negotiating several major transactions which if concluded could provide the
Company with additional working capital and funds for additional acquisitions.






































						12





	PART II

ITEM 1.  LEGAL PROCEEDINGS

During the first quarter 2001, the Company settled a lawsuit filed by a former
landlord. The matter has been dismissed to the mutual satisfaction of the
parties and is considered to be non-material.


	On April 9, 2001 a legal action was filed by Michael Shelley, a former
director of the company who was recently removed from his position by a
majority vote of the shareholders. The former director has sued the Company's
Chairman, Nelson A. Locke, in a derivative action on behalf of the Corporation
alleging mismanagement and other matters. The Company's Board of Directors
intends to thoroughly investigate these allegations.  The Company's Chairman
believes this action to be without merit and a continuation of the former
director's behaviors which resulted in his removal from the board.

	On June 25, 2001, a sedond lawsuit was filed by Michael Shelley regarding
the removal of the restrictive legend from shares which he beneficially owns.
The Company believes this action to be without merit and is moving to have the
lawsuit dismissed.

ITEM 2.  CHANGES IN SECURITIES

During the second quarter of 2001, the Company issued 990,000 shares of our
common stock for services to be rendered. The Company also issued 110,000
shares of stock to employees as restricted stock awards.  Such shares were
issued without registration pursuant to an exemption from registration under
Section 4 (2) of the Securities Act of 1933.


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a) Exhibits.
1.	Financial Statements begin on page F-1.

2.	Exhibits: None.

(b)










					13











	SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

		AMERICA'S SENIOR FINANCIAL SERVICES, INC.

Dated: August 15, 2001 By:_/s/Nelson  A. Locke______________________
				Nelson A. Locke, President
				Chief Executive Officer

	By: /s/Dean J.Girard___________________________
			Dean J. Girard
			Principal Accounting Officer



















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