I had the same problem but finally managed to think it through. The idea is to turn the event trigger off when it first time happens. And then trigger it on again when your mouse leaves.
I hope you can make sense of the code, but I got it working with this.
<script>
$(document).ready(function(){
$(".flipbox").on("mouseenter",function(){
$(this).flippy({
color_target: "red",
verso:"jippii",
duration:"500",
direction: "TOP",
});
$(".flipbox").off("mouseenter");
});
$(".flipbox").on("mouseleave",function(){
$(this).flippyReverse();
$(".flipbox").on("mouseenter",function(){
$(this).flippy({
color_target: "red",
verso:"jippii",
duration:"500",
direction: "TOP",
});
$(".flipbox").off("mouseenter");
});
});
});
</script>