727 trans

Do the obvious first- check to make sure all your linkages are still connected. Then, fluid check. Make sure no one pulled a prank and jacked your car 2 inches off the ground-lol. Next- pull pan, sounds like you have a bad low/reverse band. Kind of strange that it did that without ever slipping before.

It won't have reverse but will still drive forward if the low/reverse band is bad. It only applies in forward gears when you pull the shifter down into 1st.