I have had my wii for years. I heard about homebrew and wanted to try it out. Before i do, is there any reports of it bricking? Is it safe? is it possible to undo?

If you do wrong so can it brick your wii. But i has homebrew so...

Even if i manage to successfully install homebrew, is it possible to remove it?

Yes you can remove it but there will be traces of it and no it can not brick it unless you putting illegal pirated crap on there then you have a big risk of that stuff bricking it. But just doing HBC it will not brick it.