If your iMac is locked with a firmware password (and trying to choose any other partition shows a blank password window with a padlock on the screen), then you should be able to reset that by changing the RAM configuration:
Remove one stick of RAM. This is not permanent, and is only necessary for this task.
Leave one memory stick installed. Now, power up while holding Command-Option-P and R.
You will hear the boot chime. Hold the same 4 keys until you hear the boot chime two more times.
Release the keys, let it boot up. Shut down.
Reinstall the RAM that you removed.
There you are, all fixed now...

You can now boot to another drive, such as the installer.