1031 exchange- use to payoff existing mortgage?

[John Zuch]

I did start reading through previous questions, but we're in a bit of a time crunch and looking to get a specific answer. Can we use proceeds from a 1031 exchange to payoff existing mortgages on investments we already own? Logically, I'm guessing that doesn't satisfy the requirements and that you can only purchase new investments with 1031 proceeds... Was hoping that if all money was reinvested in long term investments, it might work! Yes?