
This game here uses first and third person meshes.
Third person mesh is an entire model of the character so it's able to cast a reflection on the water.
First person mesh has modeled hands, guns and legs.
Also as a bonus this does not get in the way of your field of vision from down below.
Also how many first person games do you know that uses a reflection source without feet/body meshes in a non-cutscene way?