To make a Reaper you need at least a level 40 and of course an open character slot on your server. Once made, your Reaper will be level 50 and you will NOT start on Island of Dawn.
The Elin race has new face, hair, etc., to choose from also. Even better, new clothing to buy if you wish. As always, TERA is 100% Free-to-Play, but if you pay the Elite Status $14.99 a month fee you get bonuses such as, XP bonus, gold boost, a special mount and more.
For full patch notes you can read them HERE!
Also with this update you get a free character slot. Log into the game within 60 days for a free additional character slot item. Last chance to grab the free character slot will be July 12, 2014 at 11 a.m. PDT (2 p.m. EDT).
Let us know what you think about the Reaper and all the other changes in the comments!