I have the exact same issue on my 2010 iMac right now. The boot screen is contantly stuck on 50% mark no matter what I do. I've tried everything, recovery mode, single user mode, safe mode, verbose mode, and even reset PRAM with 0 success. At this point I'm close to giving up and just getting ready to buy a new iMac. It's very frustrating because I know this iMac still got a few good years in it but I just couldn't get it to boot up...
Hope you have better luck.