Reversal of rotation under load of sensorless induction motor drives is very challenging, as there is often an unstable region in the low-speed regenerating mode. In this paper, a variant of the classical "voltage model", i.e. the "statically compensated voltage model", is modified for stable regenerating-mode operation with accurate model motor parameters. The mechanisms behind two low-speed instability phenomena are thereafter explored, and methods for avoiding instability with inaccurate model parameters are developed. Experimental results verify the theory and show adequate performance