Last season I noticed similar symptoms in the coolant reservoir in my H430 with Volvo Penta power. A small leak was found on a hose fitting on the heat exchanger. Finally, while under power for only an hour, and going below to find the cabin to be unusually hot and smelling like hot metal, I killed the engine and after a short wait, opened the engine compartment. I was hit with a face full of steam. That ended our season. Other than the already mentioned leak nothing was found. We were concerned about the condition of the engine so had our yard pull the engine to allow them to examine the oil pan and repaint areas where the paint had peeled off. No metal shavings were found and miraculously, the oil had not been burned.
The big find was only made possible by the removal of the engine. Hunter had routed the coolant hoses between the engine and water heater through a roughly hewn hole in the main stringer. After 15 years and 240 engine hours, vibration had sawn the hoses open enough to dump all of the coolant into the bilge. Those holes have been fitted with protective sleeves and hoses with a steel reinforced type.
Hope this helps.