Ford Repair Questions? Ask a Mechanic for Answers ASAP
good evening my name is ***** ***** I will assist
if all forward gears work correctly but no reverse, then the clutch pack or band for the trans has failed. so the easy answer is yes, it needs either a re build or replacement. a dealer will sell you a new one for a lot of money. a transmission shop will rebuild it for about 1600-1800. a used one would be an option but it is a risk in case it does not last. the other 2 will have warranties.
please dont forget to rate me as it is the only way I get paid for my efforts