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Heter Iska
I am Jewish and wish to obtain a mortgage with Rocket Mortgage. Does Rocket Mortgage have a Heter Iska that complies with the laws of Ribbis?
Yes, Rocket Mortgage has a Heter Iska that is approved by prominent leading Halachic authorities.
How Does It Work?
For any mortgage loan made to you by Rocket Mortgage as detailed on the note and all other mortgage loan documents that may violate the Laws of Ribbis, the mortgage loan will instead be structured as an investment.
In exchange for the mortgage funds, you will manage your real estate and other Halachically permissible investments in the way most advantageous to Rocket Mortgage, and Rocket Mortgage will share any profits and losses from the investment. Under no circumstances will Rocket Mortgage have any liability above the actual funds advanced. If you make all your payments as provided in the Note, then the Iska terminates and all profits and losses may be retained by you. The Iska will also terminate when Rocket Mortgage sells the mortgage loan to a party not subject to the Laws of Ribbis.
WTF