Much has been made of the Rhema / Word of faith over the years, but few put the term in its proper context.
The Word, the Rhema, the spoken Word is near, and this is the Rhema, spoken word of the conviction of the truth that we proclaim, that if you ascent to and do not deny with your mouth Jesus as Lord and Master, and place confidence in your heart that God aroused him from the death, you will be healed and saved from suffering; for with the understanding a person has confidence, resulting in virtue and correctness of thinking, and with the testimony ascent to and do not deny with your mouth, resulting in deliverance and preservation.
This paraphrase of the passage in Romans uses alternate translations of the original Greek words, and hopefully brings to light the real meaning of the passage.
Rhema means a spoken word. Meister Eckhart taught us a lot about the Rhema word. "God is a Word which speaks itself (Matthew Fox, Passion for Creation, Kindle Location 1332)." This is the paradox of God. The Godhead is the eternal source of itself. Remember, eternity has nothing to do with time. Eternity is outside of time. That is why we should not say in our heart, Who will ascend into Heaven. Christ has always been in Heaven, and will always be in heaven, he was always on earth. This is what it means to be eternal. When Christ was on earth, he was not absent in heaven. We do not ask, Who will descend into the abyss?" God was not silent for three days while Christ was in the tomb. The word is near, in our mouths and hearts.
Jesus Christ is the Son of God, the Eternal God-man. As Eckhart says, "The Father is a speaking action and the Son is an active speech (Matthew Fox, Passion for Creation, Kindle Locations 1333-1334)." Jesus is unique in this. "All creatures are words of God. My mouth expresses and reveals God but the existence of a stone does the same and people often recognize more from actions than from words. ... All creatures may echo God in all their activities. It is, of course, just a small bit which they can reveal (Matthew Fox, Passion for Creation, Kindle Locations 1354-1355, 1356-1357)." Our purpose is to become a stronger echo of the Divine.
I ascent to and do not deny with my mouth Jesus as Lord and Master, and place confidence in my heart that God aroused him from the death. I don't accept this through blind faith or because someone other than Christ convinced me with some evidence. I believe because I have developed faith. There are claims that I can test in my own life.
The Apostle Paul tells me that that this faith will heal me and save me from suffering, I have encountered the Living God and you can too. For me it started with accepting the Gospel of Jesus Christ:
If eternal life is coming to know God and Jesus Christ, then I should endeavor to know them. So the question is, how can we receive this Rhema word of faith, spoken word of the conviction of the truth? Most people would now talk about faith, neither understanding what faith is nor that it is only one of five faculties or strengths that lead us to liberation and union with God.