It is widely recognized that problem solving is a vital skill for physics students to learn. One element of expert-like problem solving is reflecting on one's solution and iterating as necessary. In upper-division physics courses, students are typically given ample opportunity to practice problem solving in the form of homework; however, there is often not much structure in place for reflection and iteration. One potential avenue for formalizing this revision process is homework corrections, in which students earn points back for submitting corrections to their homework. While potential benefits of homework corrections are apparent, instructors have also voiced concerns, and further research is necessary to understand if and how homework corrections can be implemented effectively. As part of a larger study analyzing the implementation of, and participation in, homework corrections, we present instructor motivations for offering homework corrections and student motivations for engaging with them.