A low-impact aerobic exercise device includes a base which supports a generally vertically extending frame member and an angularly extending brace member. Two spaced levers are pivotally mounted to the vertical frame member and have pedals mounted on their outer ends for independent reciprocal pivotal movement when used as a stair-stepping type of exercise device. Two resilient elastomeric members are adjustably attached between the brace member and the two levers to provide vertical downward resistance when the user pivotally oscillates the levers in an up-and-down motion. A handle is attached to the vertical member for grasping by the user. An insert can be removably mounted between the lever pedals to provide a single continuous platform joining the two levers, enabling the lever to be used as a rebounding type of exercise device. The frame member is pivotally attached to the vertical frame member, enabling the device to be moved to a compact collapsed position for storage.
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