Yes it is if your database supports it. I have almost no experience with Oracle, but I know that, for example, with PostgreSQL you can have table in different schemas, but not in different catalogs.
When you define your entities you can provide information about which schema and catalog a certain table lives in. See for
http://www.hibernate.org/hib_docs/v3/re ... tion-class for more information.
I have no experience with the reverse engineering tools so I can't help you with that. Maybe it is a limitation in those tools.