Jorge-
After you get your engine spotlessly clean of grease and oil, and have removed all of the loose rust, you then need to treat the engine so it will look like new for many years.
I have used and can recommend a product called Por 15. It is used in the automotive restoration industry for coating frames and body parts as a rust preventive.
It is an one-part epoxy-type of stuff and there are two prep chemicals in the system. One is a degreaser (I would use it regardless of previous degreasings) and the other is a metal etch-type of primer. It produces a moderately thick black coating that is very resistant to seawater and moisture. You can leave it black or you can paint over it with the engine color of your choice.
I have had seawater pumps leak and deposit salt and seawater on my engine. The result was rusting and lifting of the original engine paint. A couple of years ago I bought this Por 15 product and after application I painted over it to match my engine color. Now, at least two years later, it is still perfect like the day I applied it.
It is a bit of work with the multiple steps, but IMHO it is worth the effort. The stuff has a shelf life, so you might want to buy the small can unless you have other metal projects to rust-proof.