First & foremost: Welcome to FYI Ford!
Second: You placed your post in the "tips & How to's section of the Forum. You will get more attention, if your questions are asked in the "technical discussions" part of the forum.
Third: Assuming that your parking brake is functional, and properly adjusted, your brake issue may well be related to the flexible brake line that goes up and over the rear axle. When those hoses get old, the inside of the hose deteriorates, and the inside collapses and restricts the flow of brake fluid. It may look perfect on the outside, and be junk on the inside. What may be happening is, when you push on the brake pedal, it properly forces brake fluid to the rear brakes, and applies the rear brakes, but when you take your foot off the brake pedal, the restriction in the bad hose restricts the flow of fluid back to the master cylinder reservoir. Due to the restriction, the rear brakes stay engaged.
Replace the hose, and bleed the rear brakes. It's cheap, and if you don't know its age & condition, it's probably time to change it, anyway.
Hopefully others will chime in.