What is "Reverse Linking"? These are links that you set up to other "relevant" web sites. You link to them but they DO NOT link to you. I classify these as my "resource" links!
I set up a separate page on my web site and call it a resource page. This is NOT a links page or a "My Favorite Links" page. This page provides external links to highly relevant resources for my visitors. Think of it as adding "free" content to your website that is contributed by best websites around.
Who Should You Link Out To? (Reverse Links)
"who should you link to" is a very serious question and one and will have a significant impact on your future search engine placements. When you link to other highly relevant, external, sites, you are telling Search Engines - "This site has highly appropriate content that compliments my site and it will add to my visitors overall enjoyment."
The potentially positive impact is so great there is a need for a number of considerations when determining which web site that you should link to. Factors that must be considered in making this determination are:
1) Is potential site's content related to your sites content? Just like a good incoming link strategy (sites linking to you), relevance of content found on both sites must be high. If you put a bunch of links from your site out to other websites which have completely unrelated content, value of these links will produce negligible results. Actually they will tend to rapidly reduce perceived value of your own site.
2) Are you trying to link to a competitor? Since we are linking "out" and we are not looking for a linking partner your ultimate interests must be considered. Do you really want to link to a site that provides same, or very similar, products and/or services as you provide? Unless that site is willing to reciprocate with a link and they have a higher PageRank than you do that is NOT a good idea!
3) What is PageRank of other website? The majority of people falsely believe that outbound links hurt your SE placement. Actually opposite is truth. Poor link-building is biggest cause of these misconceptions, not actual link. Always check PageRank assigned by Google when you are choosing whether to link to another site. Like boost a relevant link from a high PageRank site gives to your site in incoming links it can have a positive effect on your outbound (reverse) links. If all of your outbound links go to highly regarded sites (as seen by search engines) and their content is complimentary to your site then these links will definitely gain you higher rankings.
Where is best place to look for links to boost your search engine placement? The best place to start looking is search engines themselves. Searching will easily produce hundreds of "potential" links. Actually, if you did proper initial research for your keyword and niche selection you will already have a lot of this information.