http://www.bad-neighborhood.com/text-link-tool.htm

If you are considering a link exchange with a site – or already have them as a link partner and want an update and are concerned about linking to sites that may send red flags to Google – this tool will scan the links on your website, and on the pages that your website is linking to, and flag possible problem areas.

But even if you are not concerned about so-called bad neighborhoods, this tool is also helpful to see if a site is hiding a text link or checking any page to see if the links on it are still valid or are redirecting