Can Bone Loss Be Corrected in Teeth?

You have stated that you have  a history of periodontal disease and now have only five lower teeth remaining.  With these five teeth being loose the odds are that they will have a poor long term prognosis.  You would probably be well served by having the remaining five teeth extracted and having dental implants.  The  implants could be placed at the time the teeth are extracted.  After 4-6 months of healing you could have a denture made to attach to the implants.  This would give you a stable restoration that you could chew foods comfortably with. I would seek a consultation wit a dentist that specializes in implant dentistry.  

If the bone loss and resulting loose teeth are the result of high dose steroid treatment Periodontal Surgery may not be for you. The immunosuppresive effects of steroid treatment will likely compromise the surgical result. You may benefit from a more conservative procedure such as scaling and root planing along with frequent visits ( every 3 months) to your dentist for follow up.

The short answer is "yes, sometimes".  You would be best served to have a consultation with a periodontist (gum specialist) and see if your situation makes you a candidate for one of the various bone augmentation procedures.

But more importantly is that before having any treatment you should have a diagnosis to tell you why you lost gum and bone tissue around your teeth?  If it was caused by long term steroids like you say, and you are still using that medication, then even with bone augmentation you might find that the bone loss is uncontrollable. 

If it was a result of periodontal disease and poor oral hygiene, has your daily regimen of caring for your teeth and gums improved?  Are your gums puffy, red and bleed easily?  Your periodontist would need to make sure that you are delivering optimal oral hygiene at least daily before he/she would do any bone augmentation procedure.

Another often overlooked cause of bone loss is your bite (occlusion).  If you grind your teeth and/or clench them together with much force, which frequently occurs at night while you're sleeping, this can also cause gum recession and bone loss. 

If your periodontist feels that the bone around your teeth has already lost too much, then there are other ways of correcting the problem.  He might discuss dental implants or bridges as an alternative to the gum surgery and bone augmentation.