Is it possible to use reverse thrust while airborne?
Commercial jets are not designed to use reverse thrust in flight. With engines mounted under the wing, the turbulence can affect the lift over that section of wing. Tail mounted engines could interfere with the tail. This, in addition to the huge increase in drag, is what causes loss of control, as in the incidents that RedGrittyBrick mentions. Speed brakes are designed to provide the needed drag for emergency descents or otherwise slowing down faster. If the pilots find themselves too high/fast for an approach, and deploying spoilers/gear/flaps won't fix it, then they should go around for another approach.

The loss of control is more of a risk when a thrust reverser deploys only on one engine. Other risks are still there, since those thrust reversers are designed to deploy in landing conditions, not flight conditions. Notable exceptions listed on Wikipedia include the Hawker Siddeley Trident, though it also mentions that the capability was not often used.

Military aircraft, such as the C-17, can be different. They tend to make extremely steep descents more often (called a tactical descent/approach), so thrust reversers can be used in flight.

I did some testing with the stock 747-400 in X-Plane. Deploying the thrust reverser only changes the force applied by the engine, but doesn't seem to affect the air flow. So the loss of lift is not reflected by the model.