A part of the Reverse Button mechanism is probably frozen.
This may work:
Direct heated air from a handheld hairdryer into the internal mechanism and let the metal parts get pretty hot. (Don't burn your fingers!) Then try the reverse button to see if it has loosened. Repeat and hopefully it will begin working. If you figure out where the reverse button mechanism is located, you can try lubricating the metal joints--ONLY 1-2 drops of GOOD quality sewing machine oil (do NOT use 3-in-1, WD-40, cooking oil, or OLD sewing machine oil). Then try the hairdryer again. Do NOT oil plastic parts or belts unless directed to in the owner's manual instructions.
Vintage Sewing Machines
To keep your machine sewing well, be sure to clean and oil on a regular basis--about every 8-12 hours of continuous sewing, every time you empty a bobbin, or if it's not in frequent use, every six months. Oil drying out is a frequent cause of machine moving parts freezing.
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