Can a person over 65yrs old borrow from his/hers Roth IRA without penalties?

Reena is not completely correct. With the general assumption that you made money on your initial investment (and subsequent contributions), you have earnings. If you were under 59 1/2 years of age, then you would have IRS tax penalties for early withdrawal if you didn't have a qualified reason.

You do not specify how your Roth IRA is invested. If you are talking CDs with maturity dates in the future, then you will face a bank penalty (possibly) for early withdrawal, but no IRS tax penalties. The earnings and your initial investment AND your subsequent contributions can be withdrawn tax free. If your state has income tax, then that may not be exactly true.

What you may be referring to is a rollover. You can take a distribution of funds. As long as you put the exact amount back in within 60 days, it is like it never happened. So that might be like a "loan" -- it's not a loan, but I can see how you see it that way.

You can take money from your Roth IRA ANY TIME.

It was always your money that you already paid taxes on before you invested it.

Jared.... the person is over 65 years old..... that means he/she can withdraw at any time. There is no early withdrawal penalty because they had the right to withdraw since the day they turned 59 1/2.

Since this person has the right to withdraw money... they don't need to pay it back.