To reverse something is to do the opposite or go in the opposite direction.
The ship reversed course by going north instead of south.
The candidate reversed his position on the issue of gun control following a shooting.
The company reversed its decision to open up a new factory in Indonesia. Instead, it has chosen to stay in the United States.
In these sentences, "reverse" is a noun:
Put the car into reverse when backing out of a parking space.
It’s not easy to drive in reverse.
Instead of going to Hawaii on vacation, they did the reverse and stayed home.
You can also use the word "reverse" as an adjective:
Bernie and Wendy are using a reverse mortgage to help fund their retirement. (This sentence uses the noun "reverse" as an adjective to describe the word "mortgage.")
On the reverse side of a penny is an image of the Lincoln Memorial.
You can do a reverse search on a phone number to find the identity of a person who is calling you.
The word "reversible" is an adjective. It’s often used for clothing.
This shirt is reversible. On one side it’s red, on the other side it’s blue with white stripes.
I have a reversible belt. One side is brown; the other side is black.