This is absolutely without genetic consequences. At meiosis hetrozygous inverted chromosomes have difficulty pairing and can only do so by the formation of a loop. If a recombination event occurs within the inverted loop the consequence will be a duplication and a deletion, see the gametes drawn at the bottom of the figure. In a balanced translocation there is no net gain or loss of chromosomal material, two chromosomes have been broken and rejoined in the wrong combination. It is possible that an oncogene may be activated by the translocation and this can lead to cancer.
Translocations can however give rise to difficulties with reproduction.
During the first meiotic prophase, the chromosomes align in pairs to form bivalents. However, a heterozygote for a reciprocal translocation forms instead a 'tetravalent'. The chromosomes will segregate in the first meiotic division. Many possibiliites are open, only one, the one shown in the figure, leads to balanced gametes. Deletions may either be either interstitial or terminal.