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The reversing valve is a 4-way valve that switches your heat pump between heating and cooling mode by reversing the direction of refrigerant flow. When it fails, your heat pump gets stuck in one mode — typically cooling only, leaving you without heat in winter.
Stuck valve body — The internal slide won't move, locking the system in one mode. Sometimes a stuck valve can be freed by rapidly cycling the thermostat between heat and cool, but this is a temporary fix at best.
Failed solenoid coil — The electromagnetic coil that actuates the valve burns out. The solenoid coil is replaceable without recovering refrigerant. Test with a multimeter for continuity — no continuity means the coil is open and needs replacement.
Internal leak — The valve body develops an internal bypass, mixing high and low pressure refrigerant. Symptoms include poor heating AND cooling performance, high superheat, and low subcooling. This requires full valve body replacement with refrigerant recovery.
Check whether your system energizes the reversing valve in heating mode (Rheem, Ruud, and some others use the "B" wire) or cooling mode (Carrier, Bryant, Trane, and most others use the "O" wire). This affects troubleshooting — if the valve is stuck and your system uses O-wire energizing, it will be stuck in heating mode when the solenoid fails.
In many cases, the valve body is fine but the solenoid coil has failed. Replacing just the coil ($25-$60) saves you the cost of a full valve replacement ($200-$500+) and doesn't require refrigerant recovery. Match by coil voltage (24V is standard residential) and connector type.