I have a 1991 honda accord with about 180,000 miles on it. Recently it has started to quitely squeal when it is put into reverse and my foot is on the break. When I press the gas the noise stops. This has been going on for roughly a month, now the noise has escalated to a quite clanking and again stops when I press the gas.
FYI, I do have a minor oil leak. I don't know if this could be related.

 

Its either going to be your rear brakes being worn out or one of your drive belts making the noise. Look under your hood and check your belts to see if there cracked, worn, or loose. If they are replace them. For the rear brakes take the tires off and inspect them. You could be hearing the wear indicators hitting the rotors.

 

I've got the same problem with my 96 Accord Coupe 4 cyl. It sounds like it's the front brake to me on mine tho. I would like as much advice as I can on this topic also. Thanks!