Heat a large skillet over medium-high heat. Add the honey and water, stir until combined.
Let the honey and water come up to a bubble, heat for about 7 minutes. Peel and slice up the bananas and add them to the skillet. Gently stir to coat them in the honey-syrup. Cook about a minute more to incorporate the banana flavor then remove from heat. Serve on top of the warm waffles and finish it all off with some whipped cream.