First of all i wil try to explain what a geomagnetic pole reversal is.
A magnetic pole reversal happens when the magnetc field weakens until it can no longer sustain itself,This can take 1000-3000 Years or more to complete the time it takes is very variable.
After years with a weak and somtimes variable magnetic field,The magnetic field re emerges in its original or in a changed direction.
Link https://en.wikipedia.org/wiki/Geomagnetic_reversal
What happens during a geomagnetic pole reversal.
During a pole reversal earths magnetic field is weak so our planet is less protected from cosmic radiation and from the solar wind.
Link https://en.wikipedia.org/wiki/Earth%27s_magnetic_field
This increase in cosmic radiation does not fit any of the known exstinction events that have happened in earths history,This does not mean nothing at all will happen to life during this time it only means the dangers are low.
If you want to follow how the cosmic radiation changes you can do this on the last part of this page http://spaceweather.com/
Link https://en.wikipedia.org/wiki/Cosmic_ray
I mentioned in my comment earths magnetic north pole is realy in the south,To undrstand how this can be true in a magnetic compass the magnetic north pole is repelled by earths north pole so it does point in the oposite direction(a bad explanation but it is how it works).