Am I correct in stating that Mods are able to edit their own posts at anytime as where regular users only have a certain time period to edit?
Re: Mods editing their own posts
Well, think logically. If they can edit your’s and mine email after the allotted time, why wouldn’t they be able to edit their own! 
Re: Mods editing their own posts
By 'email', you probably mean "post", and you are right.