A reciprocal translocation involves the exchange of material between two chromosomes. The amount of material may vary from a small portion of the distal arm to large segments involving most of the arm of the chromosome. The net effect is that there is no apparent loss or gain of genetic material and as such is a balanced translocation.
If it is a new mutation, de novo, there may be health implications for the person. If it is inherited, it usually carries no health implications for the person but may pose problems with respect to fertility and risk for having a child with an unblanced translocation. The relative risk of either of these events can be determined.
Reference: QML handbook of genetics, Sue White Stephen Withers, QML Pathology