To assess the effect of an exercise intervention using a weighted vest on perceived health status and bone density in older persons, we enrolled 36 seniors in a randomized controlled trial. The vest-use group met weekly for 1 h for a low level exercise class. They wore a weighted vest during the class and as tolerated at home. The discussion controls met for 1 h weekly. At baseline and follow-up (20 weeks), subjects completed a questionnaire that included the 20 item MOS Short-Form Health Survey, Multidimensional Health Locus of Control Scale, and Philadelphia Geriatric Center Morale Scale, and bone density was measured by dual energy X-ray absorptiometry. Subjects also completed daily activity diaries. Subjects in the vest group reported a statistically significant decrease in bodily pain, improved physical functioning, and increased internal health locus of control. Bone density increased by 1% in the vest group and decreased by 0.6% in the controls (p = 0.12). We conclude that our exercise intervention had a positive effect on some measures of perceived health in older persons.