Volvo Repair: 1996 850 r water in oil, creamy oil, head gasket

Question
car seems to run fine still.  just wanted to know if there is some other cause besides head gasket.  no check engine light.  just had 150,000 total service... @ 160,000 now creamy oil.  Daily driver with no overheat symptoms occuring.  what else could it be?

Answer
Alex, well, it may be just starting to leak down.  I would have a compression test done to be sure.  I would change the oil ASAP.  Nothing else that this could be.  There may be just a slight burn gap in the gasket but hard to say without teardown.  Roger