The feasibility of studying the mechanical properties of lipid bilayers utilizing neutron reflectivity is examined. The properties of interest are the bulk modulus for compressibility and the membrane rigidity. It is possible to analyze reflectivity measurements of aligned lipid bilayers in terms of theories developed for scattering experiments. Experimental results are presented which indicate that it is possible to study lipid bilayers using neutron reflectivity, but the results point out deficiencies in the particular apparatus used to perform the experiments. Experimental requirements for future work are presented.