Here is an updated FIDDLE.
The relevant line is this one:
.css('top', -h.toString() + 'px');
It positions the div for the text, and to change the position above the image, I just placed a negative sign in front of h.toString(). You could finely adjust the position by multiplying the h.toString() by a coefficient like -.8 or -.92 to make finer adjustments. It may be problematic putting it above the image, because you’ll have to adjust the position based on the height of the text div.
solved moving the caption of a tooltip