can i borrow against my IRA and if so what are the penalties or terms?

Answer 1

You can pledge an IRA as security for a loan. You cannot borrow from an IRA, unlike a 401(k).

If you default on the loan and the lender takes the funds from your IRA, it's treated as any ordinary distribution. It's fully taxable and if you are under age 59 1/2 at the time of the distribution, you will pay the additional 10% penalty tax.