Magnetic field-induced, reversible martensitic transformations in NiCoMnIn meta-magnetic shape memory alloys were studied under constant and varying mechanical loads to understand the role of coupled magneto-mechanical loading on the transformation characteristics and the magnetic field levels required for reversible phase transformations. The samples with two distinct microstructures were tested along the [001] austenite crystallographic direction using a custom designed magneto-thermo-mechanical characterization device while carefully controlling their thermodynamic states through isothermal constant stress and stress-varying magnetic field ramping. Measurements revealed that these meta-magnetic shape memory alloys were capable of generating entropy changes of 14 J kg−1 K−1 or 22 J kg −1 K−1, and corresponding magnetocaloric cooling with reversible shape changes as high as 5.6% under only 1.3 T, or 3 T applied magnetic fields, respectively. Thus, we demonstrate that this alloy is suitable as an active component in near room temperature devices, such as magnetocaloric regenerators, and that the field levels generated by permanent magnets can be sufficient to completely transform the alloy between its martensitic and austenitic states if the loading sequence developed, herein, is employed.