Honda GCV160 smoking occasionally

I have a seven year old Troy-Bilt mower with a Honda GCV160 engine. During the past year, regardless of oil type used or oil level, it produces gray smoke occasionally during use. The problem seems to be getting worse and worse. Temperature doesn't seem to make a difference - it smokes the same at 40 degrees F as it does at 100 degrees F. Any ideas or should I just plan to get rid of it soon?

Sounds like your mixture is off. Have you adjusted your carb

A faulty breather can do this as can a worn valve stem oil seal or blown head gasket.
All of them are harder to diagnose than to fix.