In retirement, can more debt be wise?

Can borrowing money at low interest rates in retirement and investing in higher yielding items make sense?  See this article in The Wall Street Journal Market Watch by Anya Martin:

http://www.marketwatch.com/story/in-retirement-can-more-debt-be-wise-2013-05-20

Some people may want to do this, but I am leary about leveraging in this way – if some disaster happens, does the house of cards come down.  This is definitely a case by case basis, with it not being a good idea for most retirees.
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