Well, the solenoid valve that controls the reverse is probably not functioning. Requires a rebuild, but it won't be cheap. Transmission shops on high mileage vehicles would like to change everything wearable if they take it out of the car.
If you plan to keep the car, it's a good investment to have the transmission rebuilt. But, if you want to sell it, maybe you should let the buyer take care of it.
I had the transmission rebuilt in my 1990 Cadillac Deville, because it had a torque converter code related code. It cost me like $1050 or so for my 1990.
I, also, have a 1997 Cadillac Deville Limousine that has 112000 mi. on it and its transmission runs fine.
I wish you luck on this repair.
The clutches to the trans are totally worn. If you want to keep this car a new/used/ rebuilt trans is recommended
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