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Transmission Problems

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I recently bought a 1991 Lexus LS 400 with 155,000. Body and engine appear to be in great shape. Checked by my mechanic who advised it was in phenomenal shape. Today, start the car and the reverse lioght stays on and the car will not shift out of first. When I check the fluid level with the car idle, the cold is covered in fluid and the hot is sparse. Obvious level difference but does this indicate low. Any thoughts...need help as this is my only means of transportation.

Recentlyu realized the air blows but it is not cold. Charge the freon or will i need a new compressor?

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