SPOILERS This is long and involved, if you don't like reading then go look at some pictures.
Reaver is obviously the Hero of Oakvale if you've ever listened to his diary.
Someone said he thinks Reaver "saw" the Hero of Oakvale once when I pointed this out, I can find no record of that. I can find no evidence that Reaver and The Hero of Oakvale were in the same place at the same time. I do remember a silly load screen saying The Hero of Oakvale died on Serenity Farm from old age. He is like a year younger than his sister though so that sounds like maybe, he just wants us to think he's dead. I found evidence in the game that everyone in your blood line is Immortal, including William Black/Scythe, Theresa. Other than the main character of this game, the other missing immortal is the main character of the last game.
Reaver doesn't thank the Shadow Court for his immortality, he only thanks it for his youth. Youth being someone the Hero of Oakvale could only get a little of from the temples of the time. Reaver only says he was looking for a stopper for death, not that he needed it. He probably wanted to save his Bride, who I believe was Ursula (a plain mortal). Ursula has a schoolhouse in Wraithmarsh and in the Snow Globe, so you know she fell special victim to the curse and was obviously turned into a banshee bound to the children of the village. This curse took place 200 years ago, the hero of Oakvale's quest ended 300 years before that day. He should have still been somewhere in the world! He can use weapons and magic unlike Theresa, Scythe even could have stopped the shadow court.
*The hero of Bowerstone is shot to death as an adult and as a child, he can't die BUT he can be scarred. Magic and Health are no big deal for an immortal, but scars and wrinkles seem to last forever. Scythe, Fable I.
The only reference to the Hero of Oakvale in Fable II other than his Guild Paintings are what NPCs say, they CLAIM inaccurately that he carried the Sword of Aeons to kill Dragon Form Jack.... but is that possible if theresa is still alive? There is a speculative theory that Theresa was half dead and then thrown into the void... but her dead body layed on the ground as I recall so forget all this Theresa is evil and from the void FAIRY TALE.
What accurately happened in the last game is the question at hand. Two things obviously. You see, the point of being evil in the first Fable game actually serves to speed the game along, and to destroy the guild and all it's members but Scythe. Scythe literally disappears at the end of the game. If he didn't disappear the evil hero/jack of blades would have exited Archon's Folly to find him outside, then killed him. Defeating the purpose of the game and the guild. If you were trying to be good then the point of the game is to explore and avoid the evil choices. Free Albion instead of taking it over. A more difficult task but rewarding.
So how do we know what happened? The Guild fell after the Hero of Oakvale killed the Guild-master (and possibly all other Heroes). The only thing that leads anyone to believe he was a good hero is the fact that Theresa is alive and the chamber of fate walls show the good ending where he doesn't become jack of blades, which wasn't the point of being evil anyway. Therersa and the Sword of Aeons still don't properly fit though! If you think outside of the game... The sword did have some power as Jack used it, and killed your mother... Maybe the Hero didn't cast it away or feed it blood, but still used it in the final fight. Logically if Theresa isn't exaggerating the events, this must have happened. And how did Reaver summon the shadow court? The Normanomicon, before he sealed it in THE HERO'S TOMB where it can only be reached when the Bowerlake is lowered, seasonally or something. Sythe being the last Hero is a poetic ending for the Guild. We know that people over threw the guild with guns and I'm guessing this is after the hero of oakvale staged his disappearance, taking on his new title.... As the Pirate King. Maybe he was on a quest to kill the pirate king for being a revolutionary threat to the guild, and the guild was burned down when he got back. What else could he do after the fall of the guild but stage his own death and look for a new line of work.
Penelope burned the house down while Reaver was sleeping with Andrew, killing Andrew but Reaver some how survived? How, unless he can't die like any mortal. After the house burns down, Reaver rebuilds it and invites Penelope and Ursula as honored guests, probably so Ursula the Banshee can kill Penelope.
The person that decorated and reconstructed Reaver's House was originally decorating and constructing the Temple of Shadow for Cornelius Grim. Reaver, who is loyal to the Shadow Court, calls the (Grim's) Temple of Shadows "silly" as if it is a cheap imitation dark temple..
Reaver has Sex Orgies
Reaver had discovered a Small Island (not Summerkant) which is the way he described Summerkant at the end of the game. This may be why he is misinformed? Garth being from there should know if Reaver was close to correct or way off and he tells Reaver "it's not like that".
Reaver claims he murdered a pirate king and took his place* to get the house. As he said ironically "it isn't everyday-" before announcing he murdered a pirate king and took his place. This is the same spot he killed Twinblade the Bandit King, an Ex-Hero who you could kill or spare in the first game.
I also think that the Hero of Oakvale is bald, and Reaver wears a wig. The hero of Oakvale is often shown bald, and Reaver obviously wears a hair piece.
I like how he greets his sister... Talking...not a silent hero anymore and he says:
"Blind eh? I would have preferred Mute."
