I have a 60hp Merc, 4 stroke tiller on my boat. It's a 2001, yep 20 years old and still runs great. The last few times out while trolling I have been getting a continuous warning signal about every 20 minutes or so. I kick it in and out of gear and it doesn't make much diferance, but in a few minutes the alarm goes off. The water coming out has a strong stream and when I feel it it's not very hot. Motor oil was changed and the level is dead center on the dip stick?? 

Motor idles real smooth even a 1 MPH, takes right off when I throttle up.  Been doing some searching and no real answers, any help out there would be really appreciated.