Actually, it is the opposite – remember it is a mirror so the lower you get the more “up” you see in the mirror. I would have to think about the size a bit more.
Practically speaking, you’ve got it! And the surface of water droplets work the same way, as do glossy balls and marbles. I would suggest getting into a dark room with one light, a large glossy ball and your camera and experiment with different positions of the light. Keep it simple at first: get the ball filling the frame and only move the light.