Start by creating two layers. fill the first layer with white color.
Now on the second layer, choose the text tool (default: "T").



And type whatever you like, I typed the word Reflection.

Now, right click on the text layer, and choose <b>Rasterize Type</b>. This
will convert the layer from text, to regular layer. This will make us unable
to edit the text anymore, but it gives more freedom to manipulate with it.

Now, right click on the same layer, and choose <b>Duplicate Layer...</b>
Make sure your new duplicated layer is chosen and go to <b>Edit -> Transform -> Flip Vertical</b>.

Choose the move tool by pressing V, hold the shift, and move the transformed text downwards.
Holding shift will ensure that it keeps aligned properly.



After you position it right, select the gradient tool and choose the black and white gradient.

Now, choose the Rectangular Marquee Selection (default: "M") and select the entire bottom par of
the picture as well as transformed text. See picture below for details.



Now select the quick mask mode (default: "Q").



And upper half of your picture should turn into transparent red color.

Great, now make sure you b/w gradient tool is still selected, hold shift and drag the pointer
slightly downwards, as shown in the picture below.



And you should get something like this.



Now simply exit the quick mask mode by clicking the qmm button or pressing Q, and press <b>Delete</b>.
Now set the opacity of the layer to about 50% and you're done.